German Export Sector Rises

From the WSJ:

Germany's export sector continued to pull the country out of the economic doldrums in June, according to data released on Monday by the Federal Statistics Office, Destatis.

Destatis said exports rose 3.8% in calendar- and seasonally adjusted terms to a preliminary estimate of €86.5 billion ($113.87 billion), only €2.2 billion behind the record high level registered in October 2008, during the most acute phase of the global financial crisis. Imports, meanwhile, reached their highest-ever monthly level of €72.4 billion, an increase of 1.9% from May.

The figures complete a picture of surprisingly strong growth in Europe's largest economy in the second quarter, helped significantly by a sharp fall in the euro against the dollar and other world currencies that made all euro-area goods cheaper on world markets.

Destatis is expected to announce a 1.4% expansion in gross domestic product for the second quarter when it releases its preliminary estimate on Friday, according to a poll of analysts by Dow Jones Newswires.

However, after the second quarter, the renewed strength of the euro could hinder the economic recovery. The currency has rebounded sharply since the start of June, and was close to a four-month high against the dollar at $1.3295 recently.