Germany's trade surplus widened to a record €14.8 billion in September, data showed today, underpinning hopes of a strong rebound in third quarter growth.
Preliminary figures showed exports rose by a seasonally adjusted 2.5 per cent month-on-month in September to a record €68.6 billion, while imports dipped by 1.2 per cent to €53.8 billion.
Economists polled by Reuters last week forecast that the adjusted trade surplus would widen to only €13.3 billion from a revised €12.4 billion in August.
HVB Group economist Alexander Koch said the data indicated foreign trade had probably made a considerable contribution to German growth in the third quarter of this year.
"We also expect a strong growth contribution from foreign trade in the fourth quarter," he said. "It's possible the slightly negative effect of the domestic economy in the third quarter was more than over-compensated for by foreign trade."
After growing strongly in the first quarter of this year, the German economy stagnated in the second quarter and is not expect to expand by more than about 0.8 per cent this year.