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German exports at record high

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German exports for July were up 8.5 percent year-on-year to 101 billion euros ($130.8 billion):this was the first time a single month’s exports were above the 100-billion euro mark, according to Destatis, Germany’s Federal Statistics Office.
Nearly 60 billion euros’ worth of goods and services went to other countries in Europe, with the automotive sector contributing a large share.
Germany’s trade surplus set a new record as well, hitting 23.4 billion euros. The statistics office says a later start date for summer holidays this year may have contributed to the record figures.

The strong export numbers came on the heels of disappointing GDP figures last week. Growth in Europe’s biggest economy fell by 0.2 percent in the second quarter, compared with the previous quarter.