German exports increased strongly in August due to strong demand from the eurozone, although strictly speaking these are not ‘exports’ but intra-Eu trade.
The Federal Statistical Office of Germany said that total goods ‘export’s in August rose 3.1% from July. Exports were 7.2% higher than for August 2016, led by a 10.6% increase in ‘exports’ to eurozone countries.
The figures highlight German exporters’ resilience in the wake of a stronger euro, which has appreciated against the dollar.
German exports to countries outside the European Union rose 7.1% in the eight months to August compared with the same period in 2016.
Domestic demand in Germany was also robust, adding to evidence of strengthening investment in Europe’s largest economy. August imports rose 1.2% on month and 8.5% on year, the statistics body said.