German exports slip for second month in a row

October 09, 2018 - 3:47 am

BERLIN (AP) — German exports dropped in August over the previous month for the second month in a row in the latest disappointing news about Europe's largest economy.

The Federal Statistical Office reported Tuesday that exports were down 0.1 percent to 110.3 billion euros ($126.24 billion) in August, in seasonally and calendar adjusted numbers. Imports decreased 2.7 percent to 92 billion euros, narrowing the adjusted trade surplus to 18.3 billion euros.

In unadjusted terms, the trade surplus was 17.2 billion euros.

Compared to August 2017, exports were up 2.2 percent.

ING economist Carsten Brzeski says "the traditional German growth engine is stuttering once again" with industrial production and exports losing momentum, "but reduced momentum from a high level is still no reason to worry."