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Germany’s trade surplus slowed during the month of July, coming in lower than what markets had earlier anticipated, following a decline in exports, the latest in a string of weak economic data from Europe's industrial powerhouse at the start of the third quarter.
Germany's trade surplus, adjusted for seasonal swings and calendar effects, fell to 19.4 billion euros (USD21.9 billion) from a revised EUR21.4 billion in June, data released by the Federal Statistical Office, Destatis showed Friday. Economists polled by The Wall Street Journal had forecasted a surplus of EUR22.7 billion.
Compared with July 2015, exports were down a startling 10 percent. Germany's current account balance showed a surplus of EUR18.6 billion in July, on a non-adjusted basis, well below economists' forecasts of EUR22.9 billion. In comparison, the trade balance weighed in at EUR25.4 billion in July last year.
Meanwhile, economists and businessmen are wary that looming negotiations of the UK's exit from the European Union amid a darkened economic outlook for Britain is likely to further weigh on the country’s trade prospects.
