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German exports rise in August despite strong euro: official report
Last Updated: 2017-10-12 08:18 | Xinhua
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German exports rose sharply in August in spite of a strong euro, according to figures released by the Federal Statistical Office (FSO) Tuesday.

Exports in August increased by 7.2 percent compared to the same period last year and by a seasonally adjusted 3.1 percent from July. Imports grew 8.5 percent on an annual basis, and a seasonally adjusted 1.2 percent on a monthly basis.

Experts with the Wiesbaden-based FSO estimated total German exports to be 103.1 billion euros (121.46 billion U.S. dollars) in August, and imports to be 83 billion euros (97.78 billion dollars), recording a trade surplus of 20 billion euros (23.56 billion dollars).

Adjusted for calendar and seasonal effects, the trade surplus for August was 21.6 billion euros (25.44 billion dollars), up from the 19.6 billion euros (23.09 billion dollars) a year earlier.

In August,Germany exported goods worth 58.6 billion euros (69.03 billion dollars) to European Union countries while importing goods worth 53.8 billion euros (63.38 billion dollars) from them.

Thiess Petersen, an economic expert at the Gueterslohe-based Bertelsmann Foundation, warned that Germany's exporting prowess in August might prove a mixed blessing.

The high level of exports had a "principally positive effect" on the German economy, lowering unemployment without the need for large government expenditure, he told Xinhua Tuesday.

However, German trade surplus from exports could provoke protectionist policies, which would threaten Germany's "export-oriented growth model," according to him.

Berlin has been repeatedly criticized internationally, including by U.S. President Donald Trump, over its high trade and current account surpluses. The Washington-based International Monetary Fund has also chipped in, warning against resulting imbalances in the global economy.

Petersen urged German policymakers to strengthen domestic demand in preparation for "potential setbacks" in international trade.

Large public investments would offer one possible solution, he added.

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