German 7-month exports and imports rose to a record, indicating that foreign demand remained strong and the German domestic demand was also good, although China's economy slows down.
German Federal Statistical Office (FSO) on Tuesday (September 8th) released data showing that 7-month exports monthly growth rate after seasonally adjustment increased by 2.4% to 103.4 billion euros; imports rose by 2.2% to 80.6 billion euros. Both breaks the compiled record in 1991.
German’s 7-month import and export data exceeded expectations, economists interviewed by Reuters had forecast 0.7% growth in exports, 0.5% growth in imports. However, economists warned that caution was necessary.
In these seven months, before seasonally adjustment, Germany’s exports to euro countries rose by 5.5%, exports to non-euro EU countries grew by 6.9%, exports to non-EU countries increased by 6.4%.
Bayerische Landesbank (BayernLB) economist Stefan Kipar said that Germany’s booming trade with the United States, Britain and the euro zone's lowers the negative factors of the weakness in emerging markets and China. He noted that foreign trade and domestic demand is likely to provide the impetus for economic growth in the third quarter.
German economic growth slowed early in 2015, but in the second quarter, the economy rebounded slightly to 0.4%, due to the foreign trade. Foreign trade is the traditional factor to promote economy, although in the past two years, private consumption has been the main driving force of economic growth in Germany. (www.chinainout.com)
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