German Exports Fall For First Time In 3 Months
Germany's exports declined for the first time in three months in July, while imports grew at a faster pace, Destatis reported Friday. Exports fell unexpectedly 0.9 percent on month in July, reversing June's 0.1 percent rise. This was the first fall in three months. Shipments were expected to climb 0.3 percent.
Meanwhile, monthly growth in imports accelerated to 2.8 percent from 1.3 percent in June. Economists had forecast a 0.1 percent rise in imports.
As a result, the trade surplus fell to a seasonally adjusted EUR 15.8 billion from EUR 19.3 billion in the previous month.
On a yearly basis, exports advanced 7.6 percent and imports climbed 12 percent in July. The trade surplus decreased to unadjusted EUR 16.5 billion in July from EUR 18.8 billion in the same period of last year.