German exports fell for the second time in three months in April to narrow the trade surplus more quickly than expected, Federal Statistics Office data showed today.
The office said the adjusted trade surplus in April shrank to €12.6 billion from €14.7 billion in March, below the mid-range forecast among economists for a drop to €14.5 billion and the first-quarter average of around €13.7 billion.
Exports dipped 0.4 per cent from March to an adjusted €62.4 billion - still the third-highest level ever in absolute terms - while imports increased by 3.8 per cent to €49.8 billion, the office said. Compared with a year ago, exports were 4.9 per cent higher, while imports were up 10 per cent, it said.
Economists said the drop in exports may be the harbinger of further declines as the global economy shows signs of slowing.
However, they noted exports were still close to record levels and a weaker euro should support foreign demand going forward.
The euro averaged $1.2938 in April, according to European Central Bank data. It has since dropped around 6 per cent to $1.22 amid fears about euro zone growth and the stability of the European Union's institutional framework.