Germany: Exports reach record monthly high
May 9, 2012
In March, exports expanded a seasonally and working-day adjusted 0.8% over the previous month. Although the figure came in below the revised 1.5% expansion recorded in February (previously reported: +1.6% month-on-month) it still surprised the market on the upside, as analysts expected exports to drop 0.5%. Meanwhile, imports grew 1.0% over the previous month, well below the 3.6% expansion observed in February. On an annual basis, exports rose a subdued 0.7% in March (February: +8.5% year-on-year) which, nonetheless, pushed shipments to a new record high of EUR 98.9 billion. Meanwhile, imports added 2.6% in March (February: +5.8% yoy), reflecting a 3.5% increase in imports from non-Eurozone countries and a 2.3% expansion in procurements from the rest of Eurozone. As a result, the trade surplus widened from EUR 14.9 billion in February to EUR 17.4 billion in March. 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