Germany's exports grew unexpectedly in March, boosting trade surplus above expectations. Both exports and imports reached record monthly levels in March, signaling that the biggest eurozone economy is showing some resilience despite the sovereign debt crisis in the 17-nation bloc.
Exports rose by a seasonally adjusted 0.9 percent in March from the previous month, data from Destatis showed Wednesday. Economists had forecast a 0.5 percent drop to follow the 1.5 percent gain in February.
At the same time, imports climbed 1.2 percent month-on-month, faster than the 1 percent rise forecast by economists. However, the rate of growth slowed from the 3.6 percent increase in February.
Germany exported commodities worth EUR 98.9 billion and imported goods totaling EUR 81.5 billion in March. These were the highest monthly figures ever recorded for exports and imports, the statistical office said.
Meanwhile, annual growth in exports dipped sharply to 0.7 percent from 8.5 percent in February. Likewise, import growth fell to 2.6 percent from 5.8 percent a month ago.
Only export of commodities to countries outside the European Union increased in March from a year ago, which was up 6.1 percent. Imports from those nations moved up 3.5 percent.
Driven by the unexpected rise in exports, the foreign trade surplus increased to EUR 17.4 billion in March from EUR 14.9 billion in the previous month. The figure was also well above the EUR 14.3 billion consensus forecast.
Underpinned by robust foreign demand, factory orders grew 2.2 percent month-on-month in March, data published by the Federal Ministry of Economy and Technology showed Monday. Industrial production logged a monthly growth of 2.8 percent, offsetting a 0.3 percent fall in February.
The German government expects the economy to grow 0.7 percent this year and 1.6 percent in 2013. The economy contracted 0.2 percent in the fourth quarter.
Destatis also said that the current account surplus rose to EUR 19.8 billion from EUR 11.7 billion in February. The surplus exceeded an expected figure of EUR 18 billion.
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