German trade surplus jumps as exports unexpectedly rise

Germany's trade surplus jumped by more than forecast in August as exports unexpectedly grew, according to figures from the Federal Statistical Office on Wednesday.

Exports were 1.3% higher than the previous month at €131.9bn, slowing slightly from the 1.7% growth seen in July, but ahead of the 1.0% decline expected by economists.

Some €72.7bn of the goods exported were sent to EU countries in August, up 0.8% on July, while non-EU exports increased 1.9% to €59.2bn.

Exports to the US jumped 5.5% over the month to €13.5bn, Chinese exports rose 1.9% to €7.4bn, while UK exports surged 5.7% to €6.8bn.

Meanwhile, imports declined by 3.4% on the month to €109.4bn, after rising 5.4% in July; the consensus forecast was for a drop of 2.5%.

The resulting foreign trade balance was €22.5bn, up from €16.8bn in July and well ahead of the €18.4bn expected by the market.