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Asia Today ISSN 1861-4604 Friday, August 18, 2017

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Germany records surprisingly strong rise in exports as current account surplus narrows

Growth 2.7 percent also recorded a surprisingly strong

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BERLIN, Germany - With Germany’s domestic demand growing strongly, the country’s federal Statistics Office has released latest figures that show the country’s imports and exports rose in January. > BNN

According to the figures released, Germany’s seasonally adjusted imports were up 3 percent in January, growing better than expected, while the country’s exports, that grew 2.7 percent also recorded a surprisingly strong rise during the month. 

The figures, reports noted, indicate that Europe’s biggest economy was accelerating at the start of 2017 to build better growth charts through the year. 

Further, the Statistics Office figures showed that the wider current account surplus fell sharply on the month.

This was attributed to the vibrant domestic demand that, the report said, is helping to re-balance its traditionally export-driven economy. 

In January, exports totaled 103.8 billion euros, while imports were recorded at 85.3 billion euros for a trade surplus of 18.5 billion euros.

The figures noted that year-on-year, German exports to European Union countries rose 8 percent and increased 17.7 percent to countries outside the bloc.

Commenting on the latest figures, DIHK economist Volker Treier said, “After their lacklustre performance in the past year, exports are rebounding in 2017.”

Treier added that demand from emerging markets such as China, Brazil, Russia and India was rising. 

Figures recorded in 2016 showed that German exports rose 1.2 percent on the year to hit a record 1.2 billion euros.

Imports, meanwhile, edged up 0.6 percent to reach an all-time high at 955 billion euros. 

This drove the German trade surplus to a record high figure of 252.9 billion euros.

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