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August 9, 2010    

German exports up 29% on year

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by Kay Murchie
German exports up 29% on year

Germany’s federal statistics office has today reported exports grew 3.8% in June compared with May.

On an annual basis, exports were 29% higher and has fuelled hopes that the euro zone’s largest economy grew faster in the second quarter of the year.

Meanwhile, imports also rose in June, by 1.9% compared with the previous month.

Demand for German goods was especially strong in China and according to Simon Junker, an economist at Frankfurt-based Commerzbank AG: “Trade with Asia is above pre-crisis level and German incoming orders point toward good growth numbers over the next few months.”

Germany had been the world’s largest exporter since 2003 but earlier this year, China took the top spot, pushing Germany into second place.

Export demand helped to bring Germany out of recession in the second quarter of last year - much sooner than many of its counterparts throughout the world.

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