German exports jump in July as economy rebounds

German exports surged in July, growing at their fastest pace in more than two years, data released Monday showed, adding to signs that Europe's biggest economy has rebounded from a
weak second quarter, dpa reported.
Exports rose 4.7 per cent from June when they climbed 0.9 per cent as strong demand from the United States and EU members outside the eurozone helped to allay fears about the economic fallout for German
trade from global tensions, the Federal Statistical Office said.
It was also the biggest rise since May 2012 and pushed the seasonally
adjusted monthly value of exports up to a record 98.2 billion
euros (127.1 billion dollars). The seasonally unadjusted value also rose to a record of 101 billion euros.
In addition, Germany posted a record trade surplus of 22.2 billion euros in July, the Statistical Office said.
The German economy shrank 0.2 per cent in the second quarter compared with the first three months of the year, fuelling concerns that the nation could head into recession.
German imports, however, slumped month-on-month by a surprise 1.8 per
cent in July after gaining a robust 4.5 per cent in June. Analysts had expected a 0.2-per-cent increase in July.
Year-on-year, exports were 8.5 per cent higher in July while imports climbed 1 per cent.