German exports expanded more-than-expected to a record high in July, led by a weak euro, suggesting that it would again be the major growth engine in the third quarter.
Exports rose 2.4 percent month-on-month in July, which was the fastest growth since December 2014. Economists had forecast shipments to grow 1 percent reversing a 1.1 percent fall in June.
Similarly, imports advanced by a faster-than-expected 2.2 percent in July after declining 0.8 percent in June. Imports were expected to grow 0.7 percent.
Exports increased to EUR 103.4 billion and imports totaled EUR 80.6 billion in July. These were the highest seasonally adjusted monthly figures ever calculated both for exports and for imports, Destatis said.
The trade surplus rose to a seasonally adjusted EUR 22.8 billion from EUR 22.1 billion in the previous month.
Year-on-year, growth in exports more than halved to 6.2 percent from 13.5 percent in June. Meanwhile, imports climbed 6.1 percent, slightly faster than June's 6 percent increase.
On an unadjusted basis, the trade surplus rose to a record EUR 25 billion from EUR 24.1 billion in June, and stayed above the expected level of EUR 23.5 billion.
The current account surplus came in at EUR 23.4 billion in July compared to a EUR 20.6 billion surplus seen in the same period of last year.
The largest euro area economy grew 0.4 percent in the second quarter, driven by strong support from exports.
Notwithstanding the excellent quality and product specialization of German exporters, the weak euro has clearly been a very special stimulus package; actually for the entire German economy, Carsten Brzeski, an ING Bank NV economist, said.
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