German trade surplus hits record high in May

Net foreign trade, the balance between exports and imports, in Germany increased to its record high level in May, official data showed on Thursday, signaling that Europe's biggest economy gained more impetus in the second quarter.

In calendar and seasonally-adjusted terms, German trade surplus widened to 22.8 billion euros (about 25.15 billion U.S. dollars) in May, said Germany's federal statistical office Destatis. This was the highest level since 1991 when records began.

Exports in May increased unexpectedly by 1.7 percent from the previous month, while imports rose by 0.4 percent month-on-month.

Analysts said the reading on Thursday suggested that the German economy was gaining momentum from sectors other than domestic demand in the second quarter, and could expand at a faster pace following a moderate growth of 0.3 percent in the first three months of this year.

The weak euro was seen as one of the main contributors to foreign trade, although the Greek crisis posed uncertainties for the economic prospect as it had affected the sentiment of German consumers, business and investors.

In unadjusted terms, Germany exported goods worth 95.9 billion euros and imported goods valued at 76.3 billion euros in May. German exports to the euro zone increased by 5.1 percent compared with the same month of the previous year, while its shipment to EU countries not using the euro jumped by 8.2 percent year-on-year. Exports to countries outside the EU also rose by 2.3 percent. Endit