Germany's export engine was roaring in May as total exports of goods hit a record high, reflecting a recovery in global demand since the start of the year.
Total exports of goods increased by 1.4%--the fifth straight monthly increase--to 107.9 billion euros ($123.1 billion), the Federal Statistical Office said Monday, referring to data that are adjusted for seasonal swings and calendar effects.
Continue Reading Below
Germany's exports leapt 14.1% compared with May 2016 in non-adjusted terms, led by strong demand from outside the European Union.
The data come after Germany's VMDA engineering federation in late June sharply raised its output forecast for the sector, citing better-than-expected demand from the eurozone and Asia, especially China.
German imports of goods were also strong in May. They rose 1.2% compared with April to a record of EUR87.6 billion, in adjusted terms, the statistics body said. Imports were up 16.2% from May 2016, in non-adjusted terms.
Germany's adjusted trade surplus--or the balance of exports and imports--rose to EUR20.3 billion in May from EUR19.8 billion in April. Economists polled by The Wall Street Journal had forecast a surplus of EUR20.1 billion.
Write to Nina Adam at email@example.com
(END) Dow Jones Newswires
July 10, 2017 02:44 ET (06:44 GMT)