Germany: Exports grow at fastest rate since June 2015 in January
March 10, 2017
The seasonally- and calendar-adjusted trade surplus inched up from EUR 18.3 billion in December to EUR 18.5 billion in January, driven up by rebounding exports. In January, exports grew 2.7% from the previous month, contrasting December’s 2.8% contraction. Import growth in January was 3.0%, up from 0.1% in December.
Compared to the same month of the previous year, exports increased 11.7% in January, up from December’s 6.4% increase. Imports also accelerated, increasing 11.4% in January, following December’s 7.5% increase. In the 12 months up to January, exports grew an annual 2.1%, up from December’s 1.1% increase. The trend was the same for imports, which increased 1.3% after a 0.6% increase in December, pushing down the 12-month trade balance from EUR 249.0 billion to EUR 248.9 billion in January.
In a recent statement, the Federation of German Wholesale, Foreign Trade and Services (BGA) commented that January’s trade performance was geographically balanced. The BGA added a pessimistic note, warning that closer cooperation will be needed to stem the wave of protectionism currently washing over the global trading environment soon.
Author: Christopher Mc Innes, Economist