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Trade surplus increases for Germany

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According to Germany's federal statistics office, the country's trade surplus soared by 12 percent in July with exports gaining 2.3 percent from the previous month. Trade surplus in Europe's biggest economy rose to 13.9 billion euros. The July figures surpassed expectations from analysts that had forecast a trade surplus of 12 billion euros. Germany's current account balance of payments, the broadest measure of trade with other countries, also showed a surplus of 11 billion euros in July. Exports, an essential driver of the German economy, came to 70.5 billion euros in July and imports remained at 56.6 billion euros. The figures are seen as a positive sign that Germany is emerging from the recession. Although exports have fallen compared to July 2008 figures, Germany is now prepared to benefit from increased activity in Asia. ING senior economist Carsten Brzeski said: "The pick-up in economic activity in Asia is benefiting German exports. More than 12 percent of all German exports go to emerging Asia." German economic activity is expected to further grow in the second half of the year.

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