- Anatoli Annenkov, senior economist at Societe Generale SA
German exports revived in August, rising slightly less then estimated but more than imports and widening the trade surplus, on signs the economic is continuing in the Eurozone, the country's biggest trading partner. Seasonally adjusted exports increased 1.0% on month, according to the official data from the Federal Statistics Office. The figure came in slightly below analysts' expectations for a 1.1% gain. Germany's exports to the European Union member states fell 3.9% to 47.1 billion euros year-on-year in August, while exports of goods to countries outside the EU were 38.2 billion euros. Imports, which had been predicted to rise 0.9%, were up just 0.4%. As a result the trade surplus widened to a better-than– expected 15.6 million euros from an upwardly revised 15 billion euros in July.
Meanwhile, German factory orders unexpectedly declined 0.3% from July, when orders fell by a revised 1.9%, the Economy Ministry reported today. Economists expected a 1.1% increase in August. After adjusting for the number of working days, orders rose 3.1% from the previous year. Domestic orders increased 2.2% in August from a month earlier, whereas foreign orders declined 2.1%. Basic goods orders improved 0.5%, while demand for consumer goods fell 0.4%.
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