Germany: Exports expand for second consecutive month
April 12, 2012
In February, exports expanded a seasonally and working-day adjusted 1.6% over the previous month, which followed on the revised 3.4% expansion recorded in January (previously reported: +2.3% month-on-month) and contrasted market expectations of a slight decline. Meanwhile, imports increased 3.9% over the previous month, up from the 2.4% expansion observed in January. Compared to the same month last year, exports slowed slightly to 8.6% in February from 9.3% in January. Imports grew 6.1% in February, virtually mirroring the 6.2% expansion registered in January. As a result, the trade surplus improved from EUR 13.2 billion in January to EUR 14.7 billion in February. According to the Federation of German Wholesale, Foreign Trade and Services (BGA), export growth will reach 6.0% this year, which will push exports to a new-record high of EUR 1.12 billion. Meanwhile, the BGA anticipates that imports will increase 7.0% this year.
Author: Ricardo Aceves, Senior Economist