German exports surge in August after drop in July

Markets Associated Press

German exports surged ahead in August after dropping the previous month — adding to encouraging, if inconclusive, data from Europe's biggest economy.

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The Federal Statistical Office said Monday that exports were up 5.4 percent compared with a 2.6 percent drop in July. In year-on-year terms, they climbed 9.8 percent, with roughly equal gains in exports to countries inside and outside the European Union.

Imports rose 3 percent on the month. Germany's trade surplus edged up to 20 billion euros ($22.4 billion) from 19.5 billion euros in July.

ING-DiBa economist Carsten Brzeski said the volatility of July and August data makes it "hard to identify the real trend of the German economy." He said the British pound's fall and a broader trend of cooling global trade don't bode well for exports.