German Exports & Imports Rebound In August
(RTTNews) - Germany's exports and imports rebounded in August with the increase in imports exceeding that of exports, data from Destatis showed on Wednesday.
Exports grew 1.6 percent on a monthly basis in August, offsetting a 1.6 percent fall in July. Economists had forecast shipments to climb 1.1 percent.
At the same time, growth in imports accelerated to 3.4 percent from 0.1 percent in the previous month. This was much faster than the expected 1.1 percent gain.
Consequently, the trade surplus fell unexpectedly to a seasonally adjusted EUR 1.2 billion from EUR 3.4 billion in the previous month. The surplus was forecast to improve to EUR 4.0 billion.
On a yearly basis, exports growth surged to 21.2 percent from 10.8 percent in July. Likewise, imports were up 35.7 percent, bigger than July's 26.2 percent increase.
Germany's exports to the U.S. advanced 12.0 percent and that to China moved up 2.9 percent.
Most imports came from China in August, which gained 2.2 percent. At the same time, the increase in imports from the U.S. was 5.3 percent.
Exports to the EU countries fell 0.8 percent on month, while imports from these countries rose by 2.5 percent. Similarly, shipments to eurozone countries slid 0.6 percent and 2.9 percent more goods were imported from these countries.
Data showed that exports to Russia grew 11.9 percent, while imports from Russia declined 6.7 percent.
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