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Business

Germany reports soaring trade figures, bolstering euro

Trade figures for the month of June show Germany boosted exports and imports, exceeding expectations and adding momentum to the slowly improving euro single currency.

The container terminal in Hamburg

Exports recorded a bigger-than-expected rise in June

German exports exceeded expectations with a 3.8-percent month-on-month increase in June, the statistics office said Monday. Foreign demand is credited with helping to boost growth in Europe's biggest economy.

Germany, the world's second-biggest exporter after China, showed provisional reports of exports of just over 86.5 billion euros ($115 billion) for the month - the highest level since October 2008.

Exports to Germany's 15 eurozone partners climbed 22 percent year-on-year in June, while exports to countries outside the European Union soared by 37.3 percent annually.

The figures were up 28.5 percent compared with June 2009, and have bolstered the euro single currency after months of pressure on European economies.

The euro had slumped to a four-year low against the dollar in June amid fears the debt crisis afflicting a handful of European countries would hamper the recovery from the financial crisis.

Analysts had predicted that German exports would rise month-on-month by 1.8 percent in June after soaring by a revised 7.9 percent in May.

The upbeat results have raised expectations that the German economy grew strongly in the second quarter this year.

Author: Darren Mara (AP/AFP)
Editor: Martin Kuebler

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