Even Europe's largest economy records a decline in exports

(Patria) - German merchandise exports fell noticeably in August, reflecting reduced shipments to the US and other eurozone members, data from the statistical office showed today.

Exports from Europe's largest economy fell by 5.8 percent in August compared to the same month last year, and also decreased by 12 percent compared to July, according to Destatis data, adjusted for calendar and seasonal factors.

German companies delivered goods worth a total of 127.9 billion euros abroad, statisticians determined.

Imports, on the other hand, recorded an even larger year-on-year decline, by 16.8 percent, falling to 111.4 billion euros. Compared to July, it decreased by a slight 0.4 percent.

Thus, Germany's seasonally and calendar-adjusted merchandise trade surplus with the world in August decreased by 6.2 percent compared to the revised value in July, to 16.6 billion euros.

The US retained its position as the largest export market for German companies, but with a 1.3 percent lower value of shipments than in July, at 13.3 billion euros.

Imports of American goods fell even more sharply, by 3.1 percent, to 7.6 billion euros.

However, Germany imported the most goods from China in August, worth 13 billion euros, but 2 percent less than in July. German exports to China increased by 1.2 percent, to 8.4 billion euros.

Exports to other eurozone members decreased by 2.6 percent in August, falling to 48.8 billion euros.

Imports, on the other hand, increased by 3.2 percent, to 40.2 billion euros, according to data from the statistical office.