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Germany’s exports grow in August despite strong euro

Germany’s trade gained traction in the last month of summer when exports exceeded imports, expanding the surplus, confirming once again that EU’s number one economy showed solid results in the third quarter.

Exports adjusted seasonally moved up 3.1%, as imports rose 1.2%, today’s data demonstrates. Exports growth rate was the highest in the past 12 months, allaying worries that a stronger euro could damage foreign sales of products and services from Germany.

German economy, the driving force of the European Union, is on the right track for a steady growth in July-September period regardless of the next government set issue after national parliamentary elections held in September.

Financial markets and the European Central Bank have been debating the problems of a stronger euro, meanwhile the country which frequently positions itself as the global exports leader is still recovering steadily, Carsten Brzeski of ING Diba stated. Even considering the summer slack, this year has high chances of becoming the best year for the country’s foreign sales since 2010, he added.

Upbeat signals are coming from hard data and surveys promising solid growth for Germany in the third quarter and the rest of this year.

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