German trade surplus hits record, weak euro helps exports
Germany's trade surplus hit a record high in July, as a weaker euro helped bolster exports to countries outside the Eurozone, particularly the United States (US).
The Federal Statistical Office said Tuesday that exports rose 2.4 per cent to €103.4 billion (US$115.25 billion), adjusted for calendar and seasonal variations. Imports rose 2.2 per cent to €80.6 billion for a €22.8-billion surplus.
That put the trade surplus at €25 billion - a record high.
German exports rose by an annual six per cent to countries inside the European Union (EU), and 5.5 per cent to the countries using the euro currency. Exports to markets outside the EU surged 6.4 per cent.
ING economist Carsten Brzeski says a weak euro has helped boost exports, especially to the US, which became Germany's single most important trading partner in the first half.