Germany Trade Balance


Exports exceed pre-crisis peak

In November, exports added a working-day and seasonally adjusted 0.5% over the previous month. The increase contrasted the 1.3% contraction observed in October but undershot market expectations of a 1.0% rise. Meanwhile, imports grew 4.1% in November, well above the 0.1% increase registered in October. On an annual basis, exports expanded 21.7% in November (October: +19.6% year-on-year) and imports grew 33.3% (October: +20.8% yoy), reducing the trade surplus from EUR 14.2 billion in October to EUR 12.9 billion in November. The strong growth observed over the past months, pushed exports to a new record high. In November, the moving 3-month sum in exports reached EUR 261 billion, which exceeded the peak of EUR 257 billion observed in November 2007. During the recession, exports dropped to a three-month low of EUR 192 billion in July 2009 before trending upwards again. Exports expanded amid increasing demand from Asia. Going forward, demand, exports are likely to continue trending upwards.

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