Fresh trade data from Germany shows that exports and imports hit record-highs in July.

Seasonally adjusted exports are up by 2.4% to the value of €103.4bn while imports grew by 2.2% to €80.6bn.

These are the highest values recorded since Germany's Federal Statistics Office started publishing trade figures in 1991.

This suggests that demand for exports from Europe's largest economy held-up as the Chinese economy slowed down - it is also likely that falling euro values have helped German exports.

The report which accompanied these figures notes that trade is likely to slacken when the numbers for August are published as the full effects of the recent market turmoil in China are felt.

Shipments to countries within the eurozone increased by 5.5% on a year-on-year basis - while exports to countries who do not use the euro increased by 6.9%.

German exports to outside of the EU increased by 6.4%, and demand improved in the US.