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Financial News: Germany Exports Growth Exceeds Expectations

Germany Exports Growth Exceeds Expectations

08/03/2022 - 04:46:00 (RTTNews)

(RTTNews) - Germany's exports growth accelerated more than expected in June, while imports increased at a weaker pace, official data showed on Wednesday.

Exports climbed 4.5 percent in June from the previous month, Destatis reported. The increase in shipments exceeded economists' forecast of 1.0 percent and also May's revised 1.3 percent growth.

Meanwhile, imports growth eased more-than-expected to 0.2 percent from revised 3.2 percent in May. Economists had forecast imports to rise 1.3 percent.

As a result, the trade surplus rose to EUR 6.4 billion from revised EUR 0.8 billion in May. The surplus was expected to fall to EUR 0.2 billion.

On a yearly basis, growth in exports slowed to 14.6 percent in June from 21.7 percent in May. Likewise, imports grew at a pace of 24.9 percent, slower than the 34.5 percent increase in the previous month.

Consequently, the unadjusted trade surplus plunged to EUR 7.7 billion from EUR 15.9 billion in the same period last year.

Exports to Russia advanced 14.5 percent from May, while imports from Russia gained only 4.8 percent.

The value of the goods exported to euro area countries moved up 3.9 percent and imported 0.4 percent more from those economies. Similarly, exports to EU countries rose 3.9 percent and imports from those countries by 0.3 percent.

Data showed that 6.2 percent more goods were exported to the United States and imports from the US climbed 14.7 percent.

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