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Financial News: German Exports Growth Tops Expectations

German Exports Growth Tops Expectations

07/10/2017 - 07:23:00 (RTTNews)

(RTTNews) - Germany's exports grew more-than-expected in May, exceeding the pace of increase in imports, data from Destatis revealed Monday.

Exports grew 1.4 percent month-on-month in May, faster than the 0.9 percent increase seen in April. Shipments were expected to gain only 0.3 percent.

This was the fifth consecutive rise in exports and the fastest in four months.

At the same time, the monthly growth in imports held steady at 1.2 percent, but was faster than the expected increase of 0.3 percent.

As a result, the trade surplus rose to a seasonally adjusted EUR 20.3 billion from EUR 19.7 billion a month ago.

On a yearly basis, exports surged 14.1 percent, recovering from a 2.9 percent fall in April. Imports growth accelerated sharply to 16.2 percent from 5.4 percent.

The current account of the balance of payments showed a surplus of EUR 17.3 billion versus EUR 17.9 billion a year ago.

Looking ahead, ING-diba economist Carsten Brzeski said the current upswing of exports should be taken with a pinch salt.

Given the high exchange rate sensitivity of German exports to the US, the latest appreciation of the euro could leave some marks on the German exports sector in the coming months, he noted.

Also, the Brexit impact is very unlikely to go away any time soon, Brzeski said. These potential downward risks can only be offset by a further strengthening of the Eurozone economy.

The International Monetary Fund last week said Germany's large current account surplus can be evidence that a country is investing abroad instead of at home. In the long run, this translates into lower growth, the lender cautioned.

The IMF advised Germany to invest more in public infrastructure, where investment has declined.

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