German recovery
November 9, 2009
Germany's statistics office on Monday reported that September exports, unperturbed by the strong euro, had surged by almost 4 percent on the previous month.
The Wiesbaden-based office valued September exports at 70 billion euros ($104 billion) with imports reaching some 59 billion, constituting a 3.8 percent and 5.8 percent increase respectively.
The new data came as a welcome surprise to analysts who had forecast no more than 2.5 percent growth for September.
"These figures are pretty good. Up until August, data in other eurozone countries was mixed, but now the recovery is gathering speed. Exports in other European countries should also pick up now," Giada Giani of Citigroup told Reuters news agency.
However, although the new figures point to light at the end of the tunnel, exports were in fact down 18.8 percent compared to the same month last year, illustrating how hard Germany's export-dependent economy was hit by the global financial and economic crisis.
nk/Reuters/dpa
Editor: Jennifer Abramsohn