German Exports Fall For First Time In 6 Months

(RTTNews) - Germany's exports decreased for the first time in six months in July but the trade surplus increased more than expected due to the sharp fall in imports, official data showed on Tuesday.

Exports decreased 0.8 percent on a monthly basis in July, in contrast to the 0.9 percent increase in June, Destatis said. This was the first decrease since January. Exports were expected to remain flat in July.

Similarly, imports declined 5.7 percent, reversing June's 4.5 percent increase.

As a result, the trade surplus rose to EUR 21.3 billion in July from EUR 15.4 billion in June. The surplus was seen at EUR 16 billion. In the same period last year, the surplus was EUR 16.8 billion.

On a yearly basis, exports growth eased sharply to 6.0 percent from 13.9 percent in June. Likewise, imports rose 3.1 percent, much weaker than prior month's 14.0 percent increase.

German exports to EU countries dropped 1.6 percent from the last month and imports from these countries fell 6.1 percent in July.

Most German exports in July went to the United States, with shipments rising 19.1 percent, while exports to the UK and China declined 7.2 percent and 9.5 percent, respectively.

Most imports in July came from China. However, imports from China decreased 7.5 percent. Imports from the U.S were down 8.2 percent and that from the UK slid 1.0 percent.