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German July Export Growth Tops Expectations

Germany's export grew more than forecast in July, while imports fell unexpectedly, data from Destatis revealed Monday.

Exports climbed 4.7 percent in July from June, while it was forecast to rise by 0.6 percent. In June, shipments rose 0.9 percent.

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 seasonally adjusted EUR 22.1 billion from EUR 16.4 billion in June. On an unadjusted basis, the trade surplus totaled EUR 23.4 billion versus EUR 16.6 billion a month ago.

Year-on-year, exports were up 8.5 percent and imports gained 1 percent in July.

The current account surplus increased to an unadjusted EUR 21.7 billion from EUR 12.3 billion in the prior year.

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