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Financial News: German Trade Surplus Logs Moderate Increase In September

German Trade Surplus Logs Moderate Increase In September

11/09/2017 - 07:19:00 (RTTNews)

(RTTNews) - Germany's trade surplus increased moderately in September as the pace of decrease in imports outpaced the fall in exports.

Exports dropped by a less-than-expected 0.4 percent month-on-month in September, reversing a 2 percent rise in August, data from Destatis revealed Thursday. Shipments were forecast to decline 1.3 percent.

At the same time, imports slid unexpectedly by 1 percent on a monthly basis, in contrast to a 0.8 percent increase in August. Economists had expected a 0.4 percent expansion for September.

As a result, the trade surplus rose slightly to EUR 21.8 billion from EUR 21.3 billion a month ago.

Year-on-year growth in exports slowed to 4.6 percent from 7.3 percent. Likewise, growth in imports eased to 5.5 percent from 8.2 percent in August.

On an unadjusted basis, the trade surplus advanced to EUR 24.1 billion from EUR 23.7 billion in the same period of 2016.

The current account surplus, which measures the flow of goods, services and investments, totaled EUR 25.4 billion versus EUR 23.5 billion in the same period of 2016.

A panel of economic advisers to the German government on Wednesday raised their growth projection for 2017 to 2 percent from 1.4 percent.

Chair of the German Council of Economic Experts Christoph Schmidt said the solid economic situation provides an ideal opportunity to re-adjust economic policy in order to prepare Germany for the challenges of the future.

The European Commission said the German economy is expected to maintain a strong growth momentum over the forecast horizon driven by domestic demand and supported by robust world trade and a firming recovery in the euro area.

According to the EU, real GDP is expected to increase at an average pace of around 2.1 percent per year over 2017-2019.

Looking ahead, the biggest risks for the German economy in general and the export sector in particular, would come from the outside, Carsten Brzeski, an ING Bank economist, said.

"Geopolitical risks, a slowdown of the US or UK economy and deflating eu(ro)phoria could dent the strong growth momentum," Brzeski added.

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