Thursday, August 7, 2008

German exports again strong in June 2008

Jean-Claude Trichet in his introductory statement to today's rate setting meeting referred to growth in the world economy as resilient benefiting in particular from sustained growth in emerging economies. This should support external demand for euro area goods and services according to the President of the ECB. Some indicators in the euro area economy point to a sharp slowdown in economic activity, but German exports strongly rebounded in the month of June. German exports in June 2008 were up 7.9 percent from the same month last year. Imports were also strong indicating continued strenght in external demand.

From the Federal Statistical Office:
According to provisional data of the Federal Statistical Office (Destatis), Germany exported commodities to the value of EUR 88.3 billion and imported commodities to the value of EUR 68.6 billion in June 2008. German exports of June 2008 were thus 7.9% and imports 5.3% above the respective June 2007 levels. Upon calendar and seasonal adjustment, exports and imports showed opposite month-on-month trends: Exports increased by 4.2%, while imports decreased by 0.1% on May 2008.
The foreign trade balance showed a surplus of EUR 19.7 billion in June 2008. In June 2007, the surplus amounted to EUR 16.7 billion. Upon calendar and seasonal adjustment, the foreign trade balance recorded a surplus of EUR 18.1 billion in June 2008.

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source: German exports in June 2008: +7.9% on June 2007

Federal Statistical Office,templateId=renderPrint.psml
read also: Germany's exports remained strong in May 2008
July 9, 2008

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