Germany's exports grew more-than-expected in July to a record value, while imports fell surprisingly, lifting trade surplus to higher levels.
Exports climbed 4.7 percent in July from June, when it rose only 0.9 percent, figures from Destatis showed Monday. Shipments were forecast to rise moderately by 0.6 percent. Exports rose to EUR 101 billion, the highest monthly value ever reported.
Meanwhile, imports fell 1.8 percent, reversing the 4.5 percent increase in June. Imports were expected to grow by 0.2 percent.
As a result, the trade surplus rose to a seasonally adjusted EUR 22.1 billion from EUR 16.4 billion in June.
On an unadjusted basis, the trade surplus rose to a record EUR 23.4 billion from EUR 16.6 billion a month ago. Economists had forecast the surplus to increase moderately to EUR 17 billion in July.
Year-on-year, exports rose 8.5 percent, after increasing 1.2 percent in June. On the other hand, imports gained only 1 percent in July, slower than June's 2.1 percent increase.
The current account surplus increased to an unadjusted EUR 21.7 billion from EUR 17.2 billion in the prior month.
The Sentix investor confidence survey released today showed that the sentiment indicator for Germany suggests a clear signal for a downturn in the largest euro area economy. The index dropped to 11.1 in September from 17.9 in August.
The German economy contracted 0.2 percent in the second quarter, which was the first decline since the first three months of 2013.
In its August monthly report, the Bundesbank said geopolitical tensions may weigh on Germany's economic outlook. Sanctions against Russia and counter actions taken by it would affect German exports, the central bank warned.
Nonetheless, official data last week showed that industrial production grew 1.9 percent in July, the most since early 2012. Factory orders increased at the fastest pace in more than a year in July following declines in the previous two months.
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