-Stefan Kipar, Bayern LB
Germany's trade surplus rose more than expected in the month of the EU referendum, fresh figures from the Federal Statistical Office revealed on Tuesday. The trade surplus in the Euro zone's largest economy grew to 24.9 billion euro in June, compared to May's 21.0 billion euro surplus, whereas market analysts pencilled in an increase to 23.8 billion euro in the reported month. German exports grew 0.3% on a monthly basis in the sixth month of the year, following the preceding month's 1.8% drop. Nevertheless, economic desks anticipated an acceleration of 1.3% in the reported period. Meanwhile, German imports advanced 1.0% during the first month of summer after rising just 0.1% in May, whereas markets expected a 1.3% increase.
Other data released by the Federal Statistical Office on the same day showed that the German current account, a measure of the country's balance payments with the rest of the world, rose to 26.3 billion euros in June from the preceding month's upwardly revised figure of 18.4 billion euros, whereas economic desks predicted a slight increase to 20.9 billion euros in the reported period.
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