German exports surge 22.5%
BERLIN (AP) — German exports surged 22.5 percent in September, according to official data released yesterday, which showed Europe's largest economy is recovering quickly but still depends largely on foreign demand for its industrial products.
The Federal Statistics Office said exports rose to 86.9 billion euros ($122.4 billion) from 70.9 billion euros in September 2009.
Imports were up 18 percent on the year to 70.1 billion euros, the agency based in Wiesbaden said.
The resulting foreign trade surplus of 16.8 billion euros was up from a surplus of 11.5 billion euros a year earlier.
"Despite fiscal consolidation in other eurozone countries and slower global demand, products 'made in Germany' remain a bestseller," said ING economist Carsten Brzeski.
In a separate report, the Economy Ministry said industrial production slipped 0.8 percent in September from the previous month following an unexpectedly strong August.
Output of so-called investment goods such as machinery remained steady, but the production of consumer goods fell 0.6 percent. The production of intermediate goods — used in the production of other goods — saw a 2 percent drop.
"Today's numbers confirm that exports were a strong growth driver in the second quarter. Even better, this trend will not stop any time soon," Brzeski said.