Germany: Exports expand for second consecutive month
October 8, 2012
Despite worsening prospects in the Eurozone, the German external sector continues to improve. In August, exports expanded a seasonally adjusted 2.4% over the previous month, which came in above the 0.4% expansion observed in July and surprised market annalists, as they had exports declining 0.6%. Imports added 0.3% in August, which followed an expansion of the same magnitude in July. Compared to the same month last year, exports increased 5.8% in August, which pushed overseas shipments to EUR 90.1 billion. The reading marked a slowdown over July's 9.1% expansion. Imports increased 0.4% year-on-year in August, below the 1.8% increase recorded in July. The trade balance recorded a EUR 16.3 billion surplus, which is well above the EUR 11.6 billion surplus observed in the same month last year.