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German Exports Rise More Than Forecast
(RTTNews) - Germany's exports increased more than expected in March driven by robust shipments to the US and China, official data revealed on Thursday.
Exports increased 1.1 percent on a monthly basis in March but this was weaker than February's 1.8 percent gain, Destatis reported. Shipments were expected to climb 1.0 percent.
Meanwhile, imports fell unexpectedly by 1.4 percent, reversing a 0.5 percent rise in February. Economists had forecast a monthly growth of 0.4 percent.
As a result, the trade balance showed a surplus of EUR 21.1 billion compared to a EUR 18.0 billion surplus in February. In the same period last year, the surplus was EUR 20.5 billion.
On a yearly basis, exports rebounded 4.3 percent, in contrast to the 1.6 percent fall in February. At the same time, growth in imports accelerated to 3.9 percent from 3.0 percent.
Most of German exports went to the United States in March as US manufacturers' frontloaded orders anticipating a further escalation of trade tensions.
Exports to the US grew 2.4 percent and that to China advanced 10.2 percent. By contrast, exports to the UK dropped 2.8 percent.
Most imports in March came from China. Imports from China moved up 9.6 percent and from the US rose 7.9 percent. Meanwhile, imports from the UK fell 5.8 percent.
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