German exports increased by 4.5 percent in June to a new high, while experts warned that most of the rise was likely due to rising prices.
Exports increased for the third month in a row, above expectations for a 1% gain and increasing Germany’s seasonally adjusted trade surplus to 6.4 billion euros ($6.51 billion) in June, far above the 2.7 billion euro average.
Germany had its first trade deficit in more than 30 years, according to preliminary statistics last month, but the May result of -1.0 billion euros was corrected to a surplus of 0.8 billion euros on Wednesday.
The German economy slowed in the second quarter, with the Ukraine conflict, the flu, and supply disruptions pushing Europe’s biggest economy into recession.
The Association of German Chambers of Sector and Commerce (DIHK) cautioned that the second half of the year would be tough for Germany’s export-dependent industry.
Exports to the United States, Germany’s largest export market, increased by 6.2 percent in June over May, while exports to European Union member countries increased by 3.9 percent. In June, exports to China increased by 2.4 percent.
According to the federal statistics agency, imports into Germany climbed by 0.2 percent in calendar and seasonally adjusted figures in June. Reuters surveyed analysts, who predicted a 1.3 percent gain month on month.