German exports down 5.2 percent in August, surplus narrows

AP News
Posted: Oct 08, 2015 4:10 AM

BERLIN (AP) — Official figures show German exports dropped 5.2 percent in August from the month before, in a further sign that growth in Europe's largest economy may be slowing.

Despite the decline, the Federal Statistical Office said exports were 5 percent higher than a year earlier.

The agency said imports fell a monthly 3.1 percent and that as a result Germany's trade surplus narrowed to 19.6 billion euros ($22.1 billion euros) from 22.8 billion euros.

Thursday's foreign trade figures follow disappointing August factory orders and industrial production figures.

ING-DiBa economist Carsten Brzeski said there was "no reason to panic" and pointed to large export and industrial production declines in the same month last year as a result of the timing of summer vacations. The German economy "should rebound" in September, he said.