German trade surplus hits record in July

GMT 23:28 2015 Tuesday ,08 September

Arab Today, arab today German trade surplus hits record in July

German Chancellor Angela Merkel(R)
Berlin - XINHUA

German trade surplus, the balance between exports and imports, reached a record high in July thanks to a weaker euro which boosted demand from countries outside the eurozone, official data showed on Tuesday.

The data was a sign that foreign trade would continue to provide impetus to German growth in the third quarter.

Germany exported goods worth 103.4 billion euros (about 115.6 billion U.S. dollars) in calendar and seasonally-adjusted terms in July, 2.4 percent higher than the previous month, data from German federal statistical office, Destatis, showed.

Imports also climbed by 2.2 percent between June and July to 80.6 billion euros, widening Germany's trade surplus to 22.8 billion euros, the highest level since records started in 1991.

"German exports start with momentum in the second half year," said Anton F. Boerner, president of the Federation of German Wholesale, Foreign Trade and Services (BGA), adding that a weak euro boosted demand for German products in countries that do not use the currency.

According to Destatis, German exports to eurozone countries increased annually by 5.5 percent in July, shipments to other countries inside the European Union surged by 6.9 percent, while exports to countries outside the EU rose by 6.4 percent.

Germany regained momentum from foreign trade, the country's traditional driving engine, in the second quarter of 2015 after relying mainly on private consumption in the last two years.

The economy expanded by 0.4 percent in the three months to July, following a growth of 0.3 percent in the first quarter.

Germany's central bank said last month that the economic upswing would continue in the second half of the year with support from both international and domestic markets.

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