Economists expected seasonally adjusted exports from Germany to rise approximately 0.7 percent from June to July. However, they actually fell by 1.1 percent. Compared to the same month last year, exports to other eurozone nations fell by 0.7 percent.
"We can be hopeful that the picture will change for the better in coming months," said an analyst from German financial services company HSBC Trinkaus, noting positive trends elsewhere. "Leading indicators in industrial states—from the United States to Britain and the eurozone states—are pointing upwards."