German Stats Office Reports Shock Drop in July Exports, Imports (POINTS TO GLOBAL SLOWDOWN)

``German imports and exports unexpectedly shrunk in July, with a sharp export contraction causing a surprise narrowing in Germany's trade balance... Faltering German exports amid lackluster worldwide growth and emerging-market volatility has long been a drag on German growth. But the sharper-than-expected export fall challenges expectations of a second-half pickup in German trade with the rest of the world, and the surprise - albeit small -import decline suggests domestic demand isn't robust enough to step into the breach.''