BERLIN, Sept. 8 (Xinhua) -- German exports saw little growth in July, showed official data released on Friday by the Federal Statistical Office (Statistisches Bundesamt) in Wiesbaden.
Germany exported goods worth 103.7 billion euros (125.1 billion U.S. dollars) in July 2017, an increase of only 0.2 percent compared to the previous month but still 8 percent more than in July 2016.
Imports climbed by a seasonally adjusted 2.2 percent on a monthly, and 9.4 percent on an annual basis. As a consequence, Germany's large and persistent trade surplus declined from 22.3 billion euros in June to 19.5 billion euros in July on a non-seasonally adjusted basis.
Economists had forecast a higher surplus of 20.7 billion euros. Nevertheless, the country's trade surplus was still higher than a year ago.
Berlin has been criticized internationally, including by U.S. president Donald Trump, for its high trade surplus. The Washington-based International Monetary Fund (IMF) has warned that the German trade balance is suggestive of insufficient domestic investment which could harm growth in the longer term and contribute to imbalances in the global economy.
Germany exported goods worth 59.9 billion euros to members of the European Union (EU) in July 2017 and imported goods worth 55.6 billion euros from the bloc during the same period, marking annual increases of 6.7 percent and 8.4 percent respectively. Most of that trade happens in the common currency area, with 37.9 billion euros (+6.9 percent) of exports and 38 billion euros (+7.5 percent) of imports.
German exports to Non-EU countries grew by 9.7 percent to 43.8 billion euros in July 2017 compared to the same month last year, while imports grew by 11.5 percent to 28.6 billion euros during the same period.
The figures published by the Wiesbaden-based statisticians may add to fears that the euro's current strength is undermining the bloc's export competitiveness. European Central Bank President Mario Draghi has warned recently that the currency's increase in value "represents a source of uncertainty."
Speaking to Xinhua, Dr. Andrae Gaerber, economics expert at the Friedrich-Ebert-Stiftung (FES) think tank, rejected claims that Germany's export-oriented growth model was a thing of the past. "There was no significant seasonally-adjusted reduction in the (trade) surplus," Gaerber noted.
Furthermore, Gaerber did not perceive any convincing signs of a long-term shift from exports to domestic consumption as the key driver of German growth. (1 euro = 1.21 U.S. dollars)
