German exports unexpectedly rose in July, helping Europe’s largest economy to weather the region’s debt crisis.
Exports, adjusted for work days and seasonal changes, increased 0.5 percent from June, when they fell 1.4 percent, the Federal Statistics Office in Wiesbaden said today. Economists forecast a 0.5 percent decline, according to the median of 12 estimates in a Bloomberg News survey. Imports gained 0.9 percent from June.
While the debt crisis has dented demand for German goods in Europe, companies have compensated with sales to faster-growing emerging markets. That has helped boost employment and domestic demand, insulating the economy. Still, economic growth slowed in the second quarter and business confidence has dropped for four straight months.
Germany’s trade surplus narrowed to 16.9 billion euros ($21 billion) in July from 18 billion euros in June, today’s report showed. The surplus in the current account, a measure of all trade including services, was 12.8 billion euros, down from 18.5 billion euros a month earlier.
To contact the reporter on this story: Matthew Brockett in Frankfurt at firstname.lastname@example.org
To contact the editor responsible for this story: Craig Stirling at email@example.com