Germany’s trade surplus leapt higher in March, official data showed yesterday, with the euro’s fall in value against other major currencies helping crucial exports rack up solid gains.
The trade surplus for Europe’s biggest economy jumped to 17.2 billion euros (US$22.2 billion), from 12.7 billion euros in February, according to figures released by the national statistics office.
The result was also much larger than expected, topping an average analyst forecast of 14 billion euros compiled by Dow Jones Newswires.
German exports were largely responsible for the gain, posting an increase of 23.3 percent in March compared with the same month a year earlier, while imports were 18.3 percent higher.
German central bank figures show the current account of the balance of payments had a surplus of 18 billion euros in March.
That was also well above a forecast of 12.5 billion euros, and March last year’s figure of 12.3 billion euros.
Germany lost its title of leading global exporter to China last year, but is getting a boost now from the euro’s fall in value against other major currencies as a result of the Greek debt crisis.
On a monthly basis, meanwhile, German exports gained a seasonally corrected 10.7 percent in March, while imports were up by 11 percent, the Destatis data showed.
Exports have helped the German economy emerge from its worst recession since World War II and the economy ministry said on Friday that industrial output shot up by 4 percent in March, a day after unveiling a spike in industrial orders.
“In light of the robust upturn in domestic and foreign demand for industrial output, it should continue in the coming months,” a ministry statement said.
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