German exports roar ahead in July

8th September 2010, Comments 0 comments

German exports rose sharply in July compared to the year before, official data showed Wednesday, providing a further boost to Europe's top economy as it bounces back from last year's crippling recession.

Exports rose by 18.7 percent compared to July 2009, the national statistics office said in a statement, with a total of 83 billion euros (105 billion dollars) of goods exported.

Imports also rose sharply, registering a 24.9-percent gain on the previous year with 69.5 billion euros of goods brought into the country.

Germany's trade surplus of 13.5 billion euros was slightly lower than at the same time in 2009 but a fraction higher than the 13.1 billion euros economists at Dow Jones Newswires had forecast.

In June, exports soared by 28.4 percent compared to the previous year. The absolute value of goods exported (86.4 billion euros) was the highest monthly value since October 2008, the statistics office said.

With the economic climate in the country improving significantly, the German federation of exporters (BGA) on Tuesday doubled its forecast for exports in 2010 to growth of around 10 percent.

"Firms have shaken off their state of shock caused by the economic collapse in the previous year," said BGA chief Anton Boerner.

Germany experienced its worst recession in more than six decades last year, but has bounced back strongly, predominantly on the back of improved global demand for its exports.

Europe's economic powerhouse registered sizzling growth figures of 2.2 percent in the second three months of the year and is expected to achieve output over the year of around three percent.

© 2010 AFP

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