Germany's trade balance is likely to drop in August

In August, the German trade surplus is expected to have amounted to €18.1bn, the lowest since January this year. On a trend basis, however, higher surpluses should return as the weak energy prices reduce the value of imports sizeably. 

"Exports are expected to have decreased by 0.6% mom, correcting for the big increase in July while imports should hold up slightly better in line with strong consumption in Germany", says Soceite Generale. 

Despite tentative signs of improvement in global trade since June, risks remain firmly on the downside following increasing signs of weakness in China.