Germany’s exports grew at a slower pace in July and imports declined for the first time in three months, data from Destatis showed on Thursday.
Exports were up only 0.5 percent on a monthly basis in July, following a 1.3 percent rise in June. The rate came in line with economists’ expectations. Exports have been rising since May 2020.
At the same time, imports dropped unexpectedly by 3.8 percent, reversing June’s 0.7 percent rise. Economists had forecast a monthly growth of 0.2 percent.
Due to the fall in imports, the trade surplus increased to a seasonally adjusted EUR 17.9 billion in July from EUR 13.5 billion in the previous month.
On a yearly basis, exports climbed at a pace of 12.4 percent after rising 23.6 percent in June. Likewise, growth in imports eased to 16.6 percent from 27.1 percent in the previous month.
The trade surplus totaled an unadjusted EUR 18.1 billion in July versus a EUR 19.2 billion surplus in the same period last year.
Data showed that the current account surplus fell to EUR 17.6 billion from EUR 20.2 billion last year.
Exports to EU member countries rose 17.7 percent and imports from those countries increased 18.7 percent.
Shipments to the People’s Republic of China declined 4.3 percent annually in July while that to the United States advanced 15.7 percent.
At the same time, most imports came to Germany from the People’s Republic of China. The value of the goods imported from China increased 3.9 percent and imports from the United States were up 4.1 percent.
Source: Read Full Article