German exports in August drop more than expected
Europe has been grappling with high inflation and an industrial slowdown, and weakening demand from China has taken its toll on Germany's export-oriented economy. However, the country's trade surplus saw a modest rise. German exports fell by 1.2% in August compared to the previous month, according to figures from the federal statistics agency Destatis. Analysts interviewed by FactSet Research had predicted a smaller decrease of 1%. Exports in August totaled €127.9 billion ($134.5 billion), Destatis said. This represented a year-on-year decrease of 5.8%. Imports were down 0.4% compared with the previous month, totaling €111.4 billion. The country's trade surplus saw a modest rise, up to €16.6 billion. However, the export balance for the first eight months of 2023 was positive, with the value of exported goods rising by 1.7% to €1.05 trillion. Last year, German foreign trade achieved a record nominal result, partly due to price increases. Germany 'between rece...