German exports post biggest fall in a year

Berlin, Dhu-AlHijjah 08, 1437, September 09, 2016, SPA — German exports posted their steepest fall in almost a
year in July, adding to worries about the outlook for Europe’s biggest economy at the start of the third quarter, dpa reported.
Monthly exports contracted by a surprise 2.6 per cent in July from June, when they rose by a meagre 0.2 per cent, the Federal Statistics Office (Destats) said on Friday.
The July fall was the largest monthly drop in exports since August last year. Analysts had expected a 0.4-per-cent gain.
Imports to Germany also slumped, declining by an unexpected 0.7 per cent after increasing by 1.1 per cent in June, Destats said. Analysts had forecast a 0.5-per-cent increase in imports.
The drop in exports resulted in the seasonally adjusted trade surplus narrowing to 19.4 billion euros (21.9 billion dollars) from 21.4 billion euros in June, Friday’s data showed.
12:49 LOCAL TIME 09:49 GMT