Imports to Germany surged in July, official data showed Friday, in a sign that domestic demand continues to drive the upswing of Europe's largest economy.
Total goods imports rose 2.2% from June, while exports increased 0.2%, the German Federal Statistical Office said, referring to data that takes account of seasonal swings and calendar effects.
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However, the figures also highlight German exporters' resilience in the wake of a stronger euro, which has risen more than 12% against the dollar over the past five months.
Compared with July 2016, exports increased 8% in non-adjusted terms and imports surged 9.4%. The strongest annual export gains came from countries outside the European Union, the numbers showed, reflecting a pickup in demand for high-end engineering goods from China and greater Asia.
As a consequence, Germany's adjusted trade surplus--or the balance of exports and imports--fell to EUR19.5 billion ($23.5 billion) this July from EUR21.2 billion in June, undershooting a consensus forecast of EUR21 billion.
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(END) Dow Jones Newswires
September 08, 2017 02:53 ET (06:53 GMT)