Germany reported a larger-than-expected 10% drop in exports in July, according to official figures. Panjiva data shows exports falling 6.6% to China, while U.S. shipments actually increased 11%. A recovery is possible in August, with a 22% jump in U.S. shipments. German export managers’ still expect a recovery, but are less optimistic in the past – led by auto-exporters. Auto sales to China fell at a slower rate in July , and less anti-extravagance may help. U.S. imports of German autos climbed 12% in July, and may accelerate to 22% in August.