German exports see strong growth in June
Post Date: 10 Aug 2010 Viewed: 399
German exports surged 3.8 percent in June on a monthly basis, raising its trade surplus to the highest level since October 2008, the Federal Statistical Office said Monday.
The latest data showed that Germany's exports of goods and services jumped to 86.5 billion euros (112 billion U.S. dollars) in June, while imports climbed 1.9 percent from May to 72.4 billion euros (93.7 billion dollars), the highest since 1950 when the statistics were first compiled.
On a year-on-year level, exports grew by 28.5 percent in June and imports surged 31.7 percent, as global and domestic economy gradually came out of the shadow of the international financial crisis that has lasted for over two years, the office said.
Analysts predicted earlier that exports would just rise 1.8 percent in June after soaring 7.9 percent in May.
Meanwhile, Germany's trade surplus has been widened to a seasonally adjusted 12.3 billion euros (16.3 billion dollars), up from 10.6 billion euros (14 billion dollars) in May.
The newly released report bolstered market expectations that Germany, Europe's main economic engine, will register a robust growth in the second quarter after a mere 0.2 percent increase from January to March.
Recent data showed that the country saw hikes in factory orders, industrial productions, and consumer confidence, as global markets, especially those in Asia, have raised their demands for German goods and services since spring.
The Wiesbaden-based Federal Statistical Office is due to issue a report on Germany's second-quarter gross domestic product figures on Friday.