Germany: Exports exceed pre-crisis peak
January 7, 2011
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.
Author: Ricardo Aceves, Senior Economist