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MNI: GERMAN DATA: Trade Balance (Apr 2019) Preview...>

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MNI: GERMAN DATA: Trade Balance (Apr 2019) Preview - 07:00 BST
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- Trade Bal: Bbg Consensus: EUR19.5bn (nsa); Prev (Mar): EUR22.7bn (nsa)
- Exports: Bbg Cons: -0.9% m/m (sa); Prev (Mar): 1.5% m/m (sa), 1.9% y/y (nsa)
- Imports: Bbg Cons: -0.2% m/m (sa); Prev (Mar): 0.4% m/m (sa), 4.4% y/y (nsa)
- Germany's sa trade surplus rose by EUR1.3bn in Mar to EUR20.0bn (10-mth high)
- The value of exports increased by 1.5% m/m, the third strongest rise since the
beginning of 2018
- Imports were up only 0.4% m/m, in line with the avg of the past twelve months
- Markets look for both imports & exports to decline at the start of Q2...
- ... with the trade surplus expected to contract as exports are projected to
fall at a faster pace than imports 
- Looking ahead, import growth should continue to be supported by resilient
domestic demand...
- ... while the outlook for exports remains lacklustre given the subdued global
growth backdrop

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