India-First-Global-Insights-Analysis -Sharing-PlatformIndia-First-Global-Insights-Analysis -Sharing-Platform

German exports in August stun analysts

, October 8, 2012, 0 Comments

German companies have posted a surprise increase in exports in August. Fresh statistical data show that sluggish trade with eurozone nations has been comfortably offset by stronger demand outside that bloc.

German exports logged a surprise gain in August despite an ongoing debt crisis in the euro area. Domestic companies sold 2.4 percent more products abroad month-on-month, the National Statistics Office (Destatis) reported on Monday.

The jump, which took analysts completely unawares, marked the biggest monthly increase since May and followed an expected 0.4-percent decline in July.

“It’s unbelievable how well German exporters are faring in such a volatile environment,” Dekabank Economist Andreas Scheuerle commented.

“The export gain in August comes as a surprise,” Sal Oppenheim’s Ulrike Kastens added. “But I’m still expecting a downward trend in the months ahead.”

Huge surplus, again

Year-on-year, German exports even climbed by 5.8 percent despite a 3.1-percent slump in the volume of goods shipped to important trading partners in the crisis-stricken euro area.

But the impact of recession in many eurozone member countries was offset by a staggering 13-percent surge in exports to the world’s leading economies, including the US and China.

While German firms exported goods to the tune of 90.1 billion euros ($117 billion) in August, only 73.8 billion euros worth of goods were imported in the same month, leaving the country with a trade surplus of 16.3 billion euros.

Source: Deutsche Welle | www.dw.de






About author
Deutsche Welle (DW) is Germany’s international broadcaster, Headquarters in Bonn and Berlin, having full range of presence in television, radio and online services. DW is known for its in-depth, reliable news and information in more than 30 languages ...more