German June Trade Surplus Tops Expectations

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Friday, the Federal Statistical Office said the German trade surplus increased to EUR 12.2 billion in June from EUR 9.5 billion in May. Economists had expected the surplus to rise to EUR 10.6 billion.

Month-on-month, exports climbed 7% in June, much larger than the 0.2% rise seen in May and 0.9% expected by economists. Meanwhile, imports grew 6.8%, reversing May's 1.9% drop. Economists were looking for a monthly growth of 0.7% in imports.

On a yearly basis, exports plunged 22.3% to EUR 68.5 billion in June and imports declined 17.2% to EUR 56.3 billion.

According to provisional results of the Deutsche Bundesbank, the current account surplus surged to EUR 13.3 billion in June from EUR 4.2 billion last month. A year ago, the current account showed a surplus of EUR 19.5 billion.

Friday, the Federal Statistical Office said the German trade surplus increased to EUR 12.2 billion in June from EUR 9.5 billion in May. (Market News Provided by RTTNews)