German Exports In June Showed Record Growth In The History Of Observations
In June, German exports increased by 14.9% compared to the previous month, the country's Federal Statistical Agency (Destatis) reported. It noted that the monthly growth rate was the highest on record since August 1990.
German imports increased by 7% - the most since May 2010.
Analysts expected exports to grow by 13.3% in June and imports by 10.9%, according to data from Trading Economics.
According to the revised data, in May, exports grew by 8.9% in monthly terms, imports-by 3.6%.
Germany's foreign trade surplus was 14.5 billion euros in June, with experts predicting 10.1 billion euros.
The volume of exports in June fell by 9.4%, compared to the same month last year, including to the EU - by 11%, to the UK - by 15.7%, to the US - by 20.7%. At the same time, exports to China grew by 15.4% year-on-year.
Imports fell by 10%, including from the EU by 10.6%, the UK by 21%, and the US by 17.4%. At the same time, deliveries from China increased by 20.2%.
According to preliminary data, the volume of industrial production in Germany in June increased by 8.9% to may. According to the revised data, the indicator rose by 7.4% in May, not by 7.8%, as previously reported.
Analysts, on average, expected industrial production to grow by 8.1% in June, according to data from Trading Economics.
Industrial production, excluding the energy sector and construction, increased by 11.1% in June. The output of consumer goods increased by 7.3%, and means of production - by 18.3%.
The automotive industry registered a noticeable growth of 54.7% in June. However, the indicator remains just over 20% below the February level.
Production of intermediate goods increased by 5% compared to the previous month.
Power generation increased by 5.5%. The construction industry recorded an increase of 1.4%.
The total volume of industrial production in June compared to the same month of the previous year fell by 11.7%. In May, according to the revised data, the indicator decreased by 19.5% in annual terms.