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Posted August 11 , 2010
World News

German rise in exports signals strong growth

World News - "Germany's recovery is gaining pace as the country leads Europe out of this year's debt crisis turmoil, with exports rising in June to their highest level since late 2008.

Germany, the world's No. 2 exporter after China, exported goods and services worth euro86.5 billion ($115 billion) in June, up 3.8 percent from the previous month, the Federal Statistical Office said Monday.

That was a 29 percent increase compared with June 2009 and the highest level since October 2008, in the wake of the bankruptcy of investment bank Lehman Brothers which precipitated the global credit crunch. [Associated Press]

Investors hope the strong figures mean Germany's economy grew faster in the second quarter of the year.

Exporters' profits have been boosted recently by strong demand from Asia and other emerging economies. Exports to countries outside the eurozone grew by 37% compared with a year ago, the figures showed, while exports to the eurozone were up 22%.

The growth has widened Germany's trade surplus, with the value of exports now 12.3bn euros ($16.3bn; ?10.2bn) greater than the value of imports. [BBC]

"The continuous buoyant development in German exports is a very encouraging sign" for the economy, said German Economy Minister Rainer Bruederle in an e-mailed statement today. "The recovery process is becoming more broad based and stronger."...

"China will soon become Germany's number one export market after the EU," Anton Boerner, head of Germany's BGA wholesale and export federation, said in an e-mailed statement today. "We will reach pre-crisis level faster than expected, if this trend continues." [Bloomberg]

European stock markets closed higher on Monday, supported by [the] strong German trade figures and speculation that the US Federal Reserve may take fresh measures to turn around a slowing economic recovery. [Sydney Morning Herald]

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