Highlights
- German trade surplus narrows to €15.9 billion.
- Exports to the US surged by 5.2% in July.
- ECB President Christine Lagarde and Chief Economist Philip Lane are up next.
German Trade Surplus Narrows on Exports Decline and Imports Surge
The German economy was in the spotlight again, with trade data in focus. Manufacturing PMI numbers from Friday painted a grim picture of the German economy. Falling new orders suggested a likely slump in imports and exports.
In July, the German trade surplus narrowed from €18.7 billion to €15.9 billion. However, exports declined by 0.9%, while imports increased by 1.4% in July. Economists forecast a trade surplus of €18.0 billion and for exports to fall by 1.5%.
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