German trade surplus widens unexpectedly in August
Germany's foreign trade surplus widened unexpectedly in August on the back of a sharp drop in the country's imports.
According to the Federal Office of Statistics, in seasonally-adjusted terms the surplus increased from €15.9bn in July to €18.3bn for August.
In non-seasonally adjusted terms meanwhile, the foreign trade surplus increased from €16.5bn to €17.2bn (consensus: €16.2bn).
Commenting on the figures, Claus Vistesen at Pantheon Macroeconomics said they pointed to a positive contribution to GDP growth from trade during the quarter.
Nevertheless, year-to-date the surplus had shrunk by 2.6% versus a year ago, he pointed out, as a result of both a fall in imports from all of Germany's trading partners as well as a slowdown in exports.