German Exports, Trade Surplus Get a Surprise Boost in July
German exports posted a surprising jump in July, coming in 0.7% higher than in the previous month at 115.2 billion euros. July’s exports were 3.8% higher than in the same month during the previous year.
Meanwhile, imports fell 1.5% lower during July, helping Germany’s trade surplus climb to a seasonally adjusted 20.2 billion euros from a revised 18.0 billion euros in June. The trade data has come in better than expected as economists had previously forecast that exports could decline by 0.5% while imports could decline by 0.3% during this period.
At a time when the German economy faces a looming threat of recession, these figures offer some relief. Data released last week revealed that the German industrial output had declined by 0.6% during July, putting the manufacturing sector in a state of technical recession.
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