Germany industrial production rose 2.5% mom in March, versus expectation of 2.0% mom. Compared with February 2020, the month before the pandemic, production was still -4.3% lower in seasonally and calendar adjusted terms. Exports rose 6.5% mom while exports rose 1.2% mom. Trade surplus came in at EUR 14.3B.
France industrial output rose 0.8% mom in March, below expectation of 2.0% mom. manufacturing output rose 0.4% mom. Compared to pre-pandemic February 2020, industrial output remained -5.9% down, manufacturing -6.8% down. France trade deficit came in at ER -6.1B, larger than expectation of -5.4B.