German exports jump 28.8 percent in May: statistics

8th July 2010, Comments 0 comments

German exports shot up 28.8 percent in May, the biggest increase in 10 years, and imports also leapt as global trade rose in the second quarter of 2010, the national statistics office said Thursday.

Imports climbed 34.3 percent, the biggest rise since January 1989, according to data released by the Destatis office.

As a result, the trade surplus for Europe's biggest economy and the world's second biggest exporter fell in May to 9.7 billion euros (12.3 billion euros) from 13.1 billion the previous month, Destatis said.

Exports totalled 77.5 billion euros and imports were worth 67.7 billion euros.

On a monthly basis, exports gained a seasonally-corrected 9.2 percent, while imports climbed by 14.8 percent, Destatis said.

It was the biggest monthly increase in imports since the office began compiling seasonally-corrected data following German reunification in 1990.

The seasonally-corrected trade surplus in May came to 10.6 billion euros.

Germany's current account surplus, a broader measure of trade with other countries that includes services, fell sharply however to 2.2 billion euros in May from 11.3 billion euros in April.

For the period from January to May, the German trade surplus reached 60.4 billion euros, up from 46.9 billion in the same period a year earlier.

While the May data indicated a strong second-quarter boost in global trade, economists expect business activity to ease later this year, which is likely to affect Germany's export-led economy.

© 2010 AFP

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