Frankfurt am Main: German imports outpaced exports in July, slightly narrowing the country’s massive and oft-criticised trade surplus, provisional data showed on Friday.
Exports from Europe’s economic powerhouse were up 0.2 per cent compared with June while imports rose by 2.2 per cent, federal statistics office Destatis said, as both figures rebounded from last month’s dips.
The bigger demand for goods from abroad lowered Germany’s trade surplus from 21.2 billion euros ($25.5 billion) in June to 19.5 billion euros in July, according to calculations adjusted for seasonal swings.
“German trade data just brought more evidence of a summer calm. A calm, however, which should be no reason to worry,” ING Diba bank analyst Carsten Brzeski said.
“The country which often claims to be export world champion is still enjoying a strong export recovery,” he added, brushing off concerns about the recent rise in the euro. Demand for “made in Germany” goods was led by countries outside the European Union, Destatis noted, despite the stronger currency. — AFP