CAPTION: German exports and imports both rebound in August. (picture alliance / Rainer Keuenhof)
Germany exports and imports rebounded in August, with the increase in imports exceeding that of exports, data from Destatis showed.
Exports grew 1.6% on a monthly basis in August, offsetting a 1.6% fall in July. Economists had forecast shipments to climb 1.1%. At the same time, growth in imports accelerated to 3.4%, from 0.1% in the previous month.
This was much faster than the expected 1.1% gain.
Consequently, the trade surplus fell unexpectedly to a seasonally adjusted €1.2 billion ($1.19 billion), from €3.4 billion in the previous month. The surplus had been forecast to improve to €4.0 billion.
On a yearly basis, exports growth surged to 21.2%, from 10.8% in July. Likewise, imports were up 35.7%, bigger than July's 26.2% increase.
Germany's exports to the US advanced 12.0% and that to China moved up 2.9%. Most imports came from China in August, which gained 2.2%.
At the same time, the increase in imports from the US was 5.3%. Exports to the EU countries fell 0.8% on the month, while imports from these countries rose by 2.5%.
Similarly, shipments to eurozone countries slid 0.6% and 2.9% more goods were imported from these countries. Data showed that exports to Russia grew 11.9%, while imports from Russia declined 6.7%.
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