Due to China’s post-pandemic recovery, German exports climbed sharply in April, but analysts warned that the impetus could be short-lived.
The federal statistics office says German exports rose 1.2% last month. Reuters polled a 2.5% monthly drop.
April’s export growth followed a revised 6.0% drop in March. “The increase is not nearly enough to make up for the sharp decline of the previous month,” said Hauck Aufhaeuser Lampe bank head economist Alexander Krueger.
The office said exports to China grew 10.1%, the U.S. 4.7%, and the EU 4.5%.
“This is a strong start to the second quarter for net exports, but we doubt it will be enough to provide a boost to GDP growth,” Pantheon Macroeconomics’ senior euro zone economist Claus Vistesen said. “The upturn in net exports, which helped GDP growth in 4Q and 1Q, is now petering out.”
Imports declined 1.7% from March, compared to experts’ forecasts of 1.0%.
