German exports fell more than expected in August

Cars intended for export wait at the port for loading, as the spread of the coronavirus disease (COVID-19) continues in Bremerhaven, Germany, April 24, 2020. REUTERS/Fabian Bimmer/File photo

BERLIN  – German exports fell a more-than-expected 1.2 percent in August from the previous month, data from the federal statistics office showed on Thursday.

The result compared with a forecast 0.4 percent decline in a Reuters poll.

Imports also unexpectedly fell by 0.4 percent on the month, the data showed. They had been forecast to increase by 0.5 percent.

READ: Sick man of Europe again? German economic woes in focus

The foreign trade balance showed a surplus of 16.6 billion euros ($17.45 billion) in August, versus an upwardly revised surplus of 17.7 billion euros the previous month.

Exports to European Union countries were down 1.5 percent on the month, while exports to China were up 1.2 percent, the office said.

READ: German business sentiment worsens in September -Ifo

The sentiment in the German export industry was markedly worse in September, an Ifo survey showed, as exports to all key regions are currently in decline.

($1 = 0.9511 euros)