Germany: Overall tone of trade data disappointing - BBH

Germany reported a smaller trade surplus for April as the 20.4 bln euro surplus contrasts with March's 25.2 bln euro surplus, according to analysts at BBH.  

Key Quotes

“Here too it was mostly a function of rising imports (2.2% vs. -0.2% in March), but exports also fell (-0.3% vs. 1.7%).  This follows yesterday's news of an unexpected fall in factory orders and today's surprisingly poor industrial output figures.  Industrial production slumped 1% in April, and even though the March series was revised higher (1.7% from 1.0%), the overall tone was disappointing, and this euro retreated on the news.”