Germany's trade surplus widened more than expected in August as imports slumped, according to Destatis on Thursday, though exports also came in below forecasts.
Source: Sharecast
The foreign trade balance stood at €17.2bn in August, the Federal Statistical Office reported, up from €14.7bn in July.
This was the highest surplus since May and well ahead of the €15.2bn consensus estimate.
Imports into Germany fell by 1.3% over the month to a three-month low of €112.5bn, following a 0.7% decline in July. This was worse than the 0.5% decrease expected by analysts, with the amount of shipped goods from Europe, China, the UK and Russia all posting declines compared with the previous month, partly offset by an increase in imports to the US.
Meanwhile, German exports also fell 0.5% to €129.7bn following a revised 0.2% decline in July, surprising economists who expected a 0.3% increase. Exports to Europe, the US, UK and Russia all declined, partly offset by an increase in exports to China.
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