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Daily Digit: German exports surprise fall

Friday, September 06, 2013 - 01:16

Sept - 6 - German exports fell unexpectedly in July but imports rose, underscoring that the domestic economy will be key for growth in Germany this year as a weak global environment makes selling goods abroad hard. Hayley Platt reports.

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1.1 is today's Daily Digit in Europe - the surprise percentage drop in German exports in July. It was largely due to weaker demand from the euro zone - which buys roughly a third of all German goods and services. Fewer sales from non-EU states also contributed. But it wasn't all bad news, imports did show a small rise but less than the expected 0.5 percent increase. Standard Chartered's Sarah Hewin. SOUNDBITE: Sarah Hewin, Head of Research for Europe, Standard Chartered, saying (English): "The export numbers are a little bit of a worry because we saw the previous month's numbers revised down more so we have to bear in mind that Germany generally is an export led economy. Some positives are that we're seeing stronger momentum in the U.S. and of course in Germany's major markets in other European countries." But while exports have slowed, domestic demand has held up. It's largely thanks to government spending ahead of the election later this month. And analysts expect spending in Germany's home market to continue. The country's trade association see exports growing by 3 percent this year, with a strong pickup expected after July.

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Daily Digit: German exports surprise fall

Friday, September 06, 2013 - 01:16