Germany's exports logged an unexpected growth in May, data from Destatis revealed Thursday.
Exports rose 1.7 percent in May from prior month, confounding expectations for a 0.8 percent fall. It was the fastest growth rate seen so far this year. In April, exports had climbed 1.6 percent.
At the same time, imports rebounded in May after declining a month ago. Imports were up 0.4 percent versus a 0.8 percent drop in April. Economists had expected a 0.1 percent gain.
As a result, the trade surplus increased to a seasonally adjusted EUR 22.8 billion from EUR 21.5 billion in April.
On a yearly basis, growth in exports slowed to 4.6 percent in May from 7.6 percent in prior month and that in imports eased to 3 percent from 3.3 percent in April.
On an unadjusted basis, the trade surplus totaled EUR 19.5 billion, larger than a EUR 17.5 billion surplus seen a year ago, but below the expected level of EUR 20.5 billion.
The current account surplus came in at EUR 11.1 billion in May compared to EUR 11.9 billion in the same period of last year. Economists had forecast a surplus of EUR 16 billion for May.
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