German Exports Unexpectedly Fall in July, Extending Trade Surplus Growth
Overview of Germany's July Trade Performance
By Maria Martinez
Export and Import Figures
Sept 8 (Reuters) - German exports unexpectedly fell in July, ending a run of monthly increases since February, as shipments to European Union countries declined.
Exports fell by 0.8% in July compared with the previous month, data from the federal statistics office showed on Tuesday. Economists had on average expected a 0.1% increase in a Reuters poll.
Economic Growth Context
Germany's economy grew by 0.3% in the second quarter, supported by exports, and several economic institutes have raised their economic forecasts.
Import Decline and Trade Surplus
Imports dropped by 5.7% on the month.
Due to a faster decline in imports than exports, the trade surplus grew to €21.3 billion ($24.8 billion) in July from €15.4 billion in June.
Regional Export Trends
Exports to EU and Non-EU Countries
Exports to EU countries dropped by 1.6%, while exports to non-EU countries increased by 0.2% on the month.
Exports to the United States
Despite trade tensions, exports to the United States increased by 19.1% on the month.
Additional Information
($1 = 0.8598 euros)
(Reporting by Maria Rugamer in Gdansk and Maria Martinez in Berlin. Editing by Ludwig Burger)
