German exports soar in July for record trade surplus

Economic Indicators Associated Press

German exports soared in July to their highest monthly value ever, helping Europe's largest economy post a record trade surplus, another sign it is bouncing back after a surprise second-quarter contraction.

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The Federal Statistical Office said Monday exports rose 4.7 percent over June while imports dropped 1.8 percent for a surplus of 22.2 billion euros ($28.7 billion) in calendar and seasonally adjusted terms.

Germany exported 101 billion euros in goods in July: 56.9 billion euros' worth to other European Union nations and 44.1 billion euros to non-EU countries.

It imported 50.4 billion euros in goods from the EU and 27.2 billion euros' worth from non-EU countries.

Germany's economy unexpectedly shrank 0.2 percent in the second quarter but is expected to return to growth in the third.