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German Trade Balance Rises

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German Trade Balance Rises

The German Department of Statistics has begun the day by releasing a range of updates on the Eurozones largest economy. The headline indicator notes that Germany is still running a health trade surplus. The seasonally adjusted Trade Balance for the month of April has come in at €17.7Bn, this is up on the previous months reported €14.8Bn, a balance of €15.2Bn had been anticipated by the markets. Analyzing the constituent parts of this mornings trade figure shows that German Exports rose by 3.0% compared to the contraction of -1.8% in March, the consensus estimate was for a rise of 1.5%. On the Import side, Germany has seen an increase of 0.1% in the value of goods and services bought from abroad, this is pick up on the March number of -0.9% but not as high as the 0.6% anticipated by the markets.

The Department of Statistics also published Aprils Current Account Balance this morning, the non seasonally adjusted reading is showing Germany’s Current Account Surplus to be €18.4Bn, this compares unfavorably with the March balance of €19.5Bn.

It was also noted earlier that Industrial Production has risen in Germany, the weekday adjusted number is reading as an 1.8% year on year increase in April compared to a 3% expansion in March. Month on month the Industrial Production figure has picked up by 0.2% against a -0.5% contraction in March and a 0.4% market anticipated figure.

The change in the Industrial Production data is in line with yesterdays seasonally adjusted Factory Orders number, this surprised observers by posting an expansion of 3.1% on the month and reversing a negative reading of -2.8% the previous month. Markets had only been expecting a moderate 1.3% increase which would have been in keeping with recent sentiment reports from the manufacturing sector that were uncharacteristically sanguine.

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