German exports post surprise 1.8 per cent drop in August
Berlin - German exports posted a surprise fall in August, the country's statistics office said Friday, underscoring the fragile recovery underway in Europe's biggest economy.
After chalking up two strong monthly rises, exports from the world's leading export nation dropped by 1.8 per cent month on month in August. Analysts had forecast a 1.7 per cent monthly rise.
At the same time, however, imports rose by 1.1 per cent month on month, from 0.1 per cent in July. As a result, Germany's trade surplus narrowed to 8.1 billion euros (12 billion dollars), from 14.1 billion euros in July.
Analysts had predicted a 0.9-per-cent monthly increase in imports.
Underscoring the dramatic economic downturn that engulfed the world economy over the last year, German exports slumped by 20 per cent in August compared with the same month last year. Imports tumbled by 19.3 per cent year on year.
In August 2008, Germany's trade surplus stood at 10.8 billion euros. (dpa)