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Financial News: Germany's Exports Remain Flat; Industrial Output Falls

Germany's Exports Remain Flat; Industrial Output Falls

08/07/2018 - 02:45:00 (RTTNews)

(RTTNews) - Germany's exports remained unchanged and industrial production declined more than expected in June, separate reports from Destatis showed Tuesday.

Exports registered nil growth in June from May after rising 1.7 percent. Economists had forecast a 0.4 percent drop.

Meanwhile, monthly growth in imports accelerated to 1.2 percent from 0.7 percent in May. This was much faster than the expected 0.2 percent rise.

As a result, the trade surplus fell to a seasonally adjusted EUR 19.3 billion from EUR 20.4 billion in May.

Year-on-year, exports grew 7.8 percent, in contrast to a 1.3 percent fall in May. At the same time, imports rose at a faster pace of 10.2 percent after rising 0.9 percent.

The current account surplus increased to EUR 26.2 billion in June from EUR 22.4 billion in the same period of last year.

Industrial production decreased by more-than-expected 0.9 percent month-on-month in June, reversing a revised 2.4 percent rise in May, Destatis reported. Output was forecast to fall 0.5 percent.

Excluding energy and construction, industrial output decreased 0.8 percent in June. Year-on-year, industrial output advanced 2.5 percent after rising 3 percent in the previous month.

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