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Financial News: German Exports Growth Moderates In July

German Exports Growth Moderates In July

09/08/2020 - 02:27:00 (RTTNews)

(RTTNews) - Germany's exports growth moderated more-than-expected in July, data from Destatis revealed Tuesday.

Exports climbed 4.7 percent on month in July, slower than the 14.9 percent increase in June. This was also weaker than the expected 5 percent increase. At the same time, the increase in imports eased to 1.1 percent from 7 percent a month ago. Economists had forecast a 3.3 percent rise.

As a result, the trade surplus rose to a seasonally adjusted EUR 18 billion from EUR 14.5 billion a month ago. The surplus was expected to climb to EUR 16 billion.

On a yearly basis, exports were down 11 percent versus June's 9.4 percent decrease. Likewise, imports slid 11.3 percent after falling 10 percent.

On an unadjusted basis, the trade surplus advanced to EUR 19.2 billion from EUR 21.3 billion in the previous year.

The current account surplus totaled EUR 20 billion compared to EUR 19.4 billion in the same period last year.

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