BERLIN: German import growth outpaced export growth in June, data from the country’s statistics office showed Tuesday. Still quarterly data suggest that exports made a positive contribution to the country’s total economic output, potentially reversing a recent trend in which domestic demand drove gains.
In adjusted terms, exports rose 0.3% on the month in June, while imports increased by 1.0%. The trade surplus settled at 21.7 billion euros ($24.1 billion) after EUR22.1 billion in May. But in quarterly terms, data showed that exports grew by 0.7% in the second quarter, while imports dropped 1.6%.
For second quarter gross domestic product, “we will see a very significant contribution from foreign trade,” said Commerzbank economist Ralph Solveen. “In real terms, exports have risen but imports have fallen,” he explained.
If confirmed by data due out on Friday, it would mark a shift from a trend in recent quarters in which the domestic economy was the main driver of growth in Europe’s largest economy.
Commerzbank expects GDP to come in at 0.2% in the second quarter, matching a consensus of analysts polled by The Wall Street Journal. Tuesday’s data follow other data indicators that point to a moderating of growth in Europe’s largest economy. On Monday, data from the economics ministry showed second-quarter industrial production fell by 1% on the quarter.
In annual unadjusted terms, exports grew by 1.2% in June, while imports expanded by 0.3%. The strongest export growth was to European Union countries not in the eurozone, which saw an increase of 6.0%. Imports from this region increased by 3.9%, while imports from non-EU countries declined by 5.4%.
