German Exports Log Unexpected Fall; Imports Recover
(RTTNews) - Germany's exports registered an unexpected fall in August, while imports logged a moderate recovery, official data showed Thursday.
Exports dropped 0.8 percent on a monthly basis, following a 0.5 percent decrease in July, Destatis reported. Exports were expected to grow 0.8 percent.
Meanwhile, imports rose 0.9 percent, reversing a fall of 5.5 percent in July. Economists had expected a 2.8 percent increase.
As a result, the trade surplus fell to EUR 19.5 billion from EUR 21.6 billion in July. In the same period last year, the surplus totaled EUR 17.6 billion.
On a yearly basis, growth in exports improved to 7.0 percent from 6.4 percent in July. Annual growth in imports accelerated to 6.0 percent from 3.2 percent.
Most German exports in August went to the United States with exports totalling EUR 13.5 billion. However, shipments to the US showed a monthly fall of 6.3 percent. On the other hand, exports to the UK and China grew 16.7 percent and 4.7 percent, respectively.
Most imports in August came from China, as the value reached EUR 16.8 billion. Imports from China increased 11.0 percent, while that from the US dropped 0.5 percent. Imports from the UK were down 3.8 percent.
After promising industrial production figures and encouraging sentiment indicators in recent weeks, today's export data dents the narrative of German resilience, ING economist Carsten Brzeski said.
The economist said the disappointing export performance in July and August could be a sign of how low water levels in main rivers have been affecting the economy.
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