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Financial News: Germany's Exports Growth Slows, Imports Rise At Faster

Germany's Exports Growth Slows, Imports Rise At Faster Pace

10/08/2020 - 02:44:00 (RTTNews)

(RTTNews) - Germany's exports growth slowed in August, while growth in imports gained momentum, data from Destatis revealed Thursday.

Exports were up 2.4 percent in August from July. Economists had forecast growth to slow to 1.4 percent from 4.7 percent in July.

Meanwhile, the month-on-month increase in imports accelerated to 5.8 percent from 1.1 percent. Imports were also forecast to climb 1.4 percent.

As a result, the trade surplus fell to a seasonally adjusted EUR 15.7 billion from EUR 18 billion in July. The expected level was EUR 18.2 billion. On a yearly basis, exports were down 10.2 percent, following an 11 percent decrease in July. At the same time, imports dropped 7.9 percent versus an 11.3 percent fall in the previous month.

The trade surplus decreased to an unadjusted EUR 12.8 billion from EUR 16.4 billion in the same period last year.

Data showed that the current account increased to EUR 16.5 billion from EUR 15.9 billion last year.

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