German trade surplus jumps as exports unexpectedly rise

9th Oct 2024 07:40

(Sharecast News) - Germany's trade surplus jumped by more than forecast in August as exports unexpectedly grew, according to figures from the Federal Statistical Office on Wednesday.

Exports were 1.3% higher than the previous month at €131.9bn, slowing slightly from the 1.7% growth seen in July, but ahead of the 1.0% decline expected by economists.

Some €72.7bn of the goods exported were sent to EU countries in August, up 0.8% on July, while non-EU exports increased 1.9% to €59.2bn.

Exports to the US jumped 5.5% over the month to €13.5bn, Chinese exports rose 1.9% to €7.4bn, while UK exports surged 5.7% to €6.8bn.

Meanwhile, imports declined by 3.4% on the month to €109.4bn, after rising 5.4% in July; the consensus forecast was for a drop of 2.5%.

The resulting foreign trade balance was €22.5bn, up from €16.8bn in July and well ahead of the €18.4bn expected by the market.