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Exports post surprise plus in August

The Local · 8 Oct 2012, 11:56

Published: 08 Oct 2012 11:56 GMT+02:00

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Europe's biggest economy exported goods worth a total €95 billion in seasonally-adjusted terms in August, 2.4 percent more than in July, the national statistics office Destatis said.

Imports were up 0.3 percent at €76.7 billion, so that the seasonally-adjusted trade surplus grew to €18.3 billion in August from €16.3 billion in July. Growth in exports was fuelled by trade with countries outside the eurozone.

But economists say the data is not necessarily indicative of a longer-term trend in the making.

“We see this as more of a positive ‘one-off’ result,” Ulrike Kastens from private bank, Sal. Oppenheim told Financial Times Deutschland (FTD). “The trend for the coming months points more to a decrease.”

German business confidence has been flagging of late - but experts say the trade figures could have a stabilising effect on the German economy.

“The August export numbers clearly increase the likelihood of positive German growth in the third quarter after all,” Dekabank economist Andreas Scheuerle told the FTD.

Taking the eight months to August as a whole, German exports rose 5.5 percent over the year-earlier period to €734.1 billion in unadjusted terms, while imports were up 2.1 percent at €607.5 billion.

Story continues below…

That meant the January-August trade surplus increased by 25.5 percent to €126.6 billion.

AFP/DPA/The Local/arp

The Local (news@thelocal.de)

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Your comments about this article

14:12 October 8, 2012 by Berlin fuer alles
I read in another paper.

German industrial production declined in August as the sovereign debt crisis damped euro-area economic growth and prompted companies to scale back investment.

Production fell 0.5 per cent from July, when it gained 1.2 per cent, the Economy Ministry in Berlin said today. Economists had forecast a drop of 0.6 per cent, according to the median of 39 estimates in a Bloomberg News survey. From a year earlier, production fell 1.4 per cent when adjusted for working days.
18:19 October 8, 2012 by smart2012
berlin fur alles, u r right, internal demand has decreased so overall PMI is going down
19:14 October 8, 2012 by Berlin fuer alles
Can you imagine how screwed Germany would be without the Euro. Exports would also be down and the country in deep recession. The Germans should be worshiping the ground the Greeks, Portugese, Irish and Spanish walk on. These countries are paying with austerity to keep the euro afloat when they would be better off without it.
19:46 October 8, 2012 by smart2012
Berlin fur alles, educated germans know this perfectly. Germany needs euro more than Greece does. Unfortunately for Germany and Europe merkel is not a leader nor carismatic, hence she was not able to give a clear direction to people, and Bild has done the rest. An looking forward to next elections, hope nationalists will not get too much votes..
17:20 October 9, 2012 by ChrisRea
Yes, Germany exports to Greece, Portugal, Ireland and Spain are the ones that give Germans something to eat. Wait, the exports to these countries are less than 10% of Germany's exports. Actually, 41% of all exports go to non-EU countries. And the main EU countries where Germany send its exports are (in order) France, Netherlands, UK, Italy, Austria, Belgium and Poland. Oh, is it possible that PIGS countries are far less economically important as previously thought? I think the Germans should still be worshiping them.
17:28 October 9, 2012 by tedesco

Funny you saying about the next elections. Wasn't a few days ago she hit her highest approval since 2009? I don't get it.
14:44 October 10, 2012 by MrNosey
PIIGS contries are a pin prick and count for nothing. They are unimportant and it doesn't matter if they live in the stone age.
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