– German Exports Increase More Than Forecast as Nation Weathers Euro Crisis (Bloomberg, July 8, 2011):
German exports increased more than economists forecast in May, adding to signs the sovereign debt crisis isn’t harming Europe’s largest economy.
Exports, adjusted for work days and seasonal changes, increased 4.3 percent from April, when they fell 5.6 percent, the Federal Statistics Office in Wiesbaden said today. Economists forecast a gain of 1.5 percent, according to the median of 12 estimates in a Bloomberg News survey. Imports rose 3.7 percent from the previous month.
German factory orders and industrial production both increased in May, suggesting the economy is weathering the region’s fiscal crisis. With countries from Spain to Ireland cutting spending, companies have relied on faster-growing markets to boost sales. Munich-based Bayerische Motoren Werke AG, the world’s largest maker of luxury cars, said yesterday deliveries jumped 16 percent in June.
“The upward trend is still intact,” said Thilo Heidrich, an economist at Deutsche Postbank AG (DPB) in Frankfurt. “While the May figure is something of a rebound from a weak April, the German economy is in a very good state due in large part to demand from Asia.”