The German trade surplus hit a monthly record in April despite a fall in exports to countries outside EU, data from Destatis showed Thursday.
Overall exports did not change from March after rising 1.9 percent. Economists had forecast a 0.9 percent drop for April.
Meanwhile, imports fell 0.2 percent on a monthly basis compared to March's 2.3 percent decline and a 1.2 percent rise economists had forecast.
Consequently, the trade surplus rose slightly to a record EUR 23.9 billion from EUR 23.7 billion in the previous month.
Meanwhile, the unadjusted trade surplus fell to EUR 25.6 billion from EUR 26.2 billion in March.
Year-on-year, exports advanced 3.8 percent, reversing a 0.5 percent drop. Meanwhile, imports remained flat in contrast to March's 4.3 percent decrease.
Exports to the EU countries advanced 7.3 percent, while shipment to countries outside the EU slid 0.7 percent.
At the same time, the current account surplus decreased to EUR 28.8 billion from EUR 29.9 billion in March. Nonetheless, the figure was above the expected level of EUR 21 billion.
Carsten Brzeski, an economist at ING Bank NV, said new evidence that the German economy is struggling to gain further moment.
The strength of the domestic economy, also on the back of the positive short-term impact from the refugee influx, is currently the best insurance against a sharp slowdown, Brzeski noted.
However, several external risks but also domestic political uncertainty and the reluctance to step up structural reforms are the biggest hurdles for future growth, he added.
by RTT Staff Writer
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