Germany’s May exports up 0.3% month on month

09 July 2009 15:27  [Source: ICIS news]

TORONTO (ICIS news)--Germany’s exports rose 0.3% to the value of €60.7bn ($84.3bn) in May from April, after a revised 5.0% decline in April from March, the country’s federal statistics office said on Thursday.

Compared with May 2008, Germany saw a 24.5% fall in exports in May of this year.

The report was the third this week suggesting that the recession in the Europe’s largest economy may have bottomed out.

Earlier, the country’s economics ministry reported notable sequential improvements in industrial orders and production for May.

Also this week, Germany’s chemicals producers association VCI said the industry had reached the trough of the recession, after chemical production plunged 15.5% in the first six months of the 2009 from the same period in 2008.

For the full year, VCI said it expected chemicals production to fall by 10% and sales by 12% compared with 2008.

($1 = €0.72)

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