Summary : German exports beat forecasts with 4.5% growth in June, hitting a record level thanks to demand from the European Union, the United States and China, data showed on Wednesday.
Preliminary data last month had shown Germany posting its first trade deficit in more than 30 years, but the May figure of -1.0 billion euros was revised on Wednesday to a surplus of 0.8 billion euros.
Exports to the United States, Germany’s biggest exports market, rose by 6.2% in June compared with May, while those to European Union member states were up by 3.9%.
June imports increased by 0.2% on the previous month in calendar- and seasonally-adjusted terms, the federal statistics office said.
A container ship leaves the port in front of famous landmark Philharmonic Hall in Hamburg, Germany, March 11, 2020. REUTERS/Fabian Bimmer/File PhotoBERLIN, Aug 3 (Reuters) – German exports beat forecasts with 4.5% growth in June, hitting a record level thanks to demand from the European Union, the United States and China, data showed on Wednesday.Exports rose for a third month in a row, pushing Germany’s seasonally adjusted trade surplus to 6.4 billion euros ($6.51 billion) in June, well above a forecast for 2.7 billion euros.Preliminary data last month had shown Germany posting its first trade deficit in more than 30 years, but the May figure of -1.0 billion euros was revised on Wednesday to a surplus of 0.8 billion euros.Exports to the United States, Germany’s biggest exports market, rose by 6.2% in June compared with May, while those to European Union member states were up by 3.9%.Economists cautioned, though, that the statistics office’s figures were calculated on a nominal basis and did not include the impact of rising prices.
