Germany Trade Balance


Germany: Exports expand more than expected

April 8, 2011

In February, exports rose a seasonally and calendar adjusted 2.7% over the previous month. The reading contrasted the 1.0% drop registered in January and overshot market expectations, which had seen exports rising 2.0%. The February result represented the fastest growth rate in five months. Meanwhile, imports accelerated from a 2.3% increase in January to a 3.7% expansion in February, suggesting that domestic demand is powering ahead. On an annual basis, exports grew 21.0% in February (January: +24.2% year-on-year) and imports expanded 27.0% (January: +24.1% yoy), driving the trade balance surplus to EUR 12.1 billion, up from the EUR 10.1 billion surplus observed in January. In spite of the ongoing recovery, exports still remain below pre-crisis levels, with the moving 3-month sum in exports rising to EUR 244 billion in February, which remains below the EUR 257 billion witnessed in November 2007, but is well above the EUR 129 billion trough observed in June 2009. Export growth is likely to follow the positive trend in place, despite the debt crisis continuing to affect certain Eurozone countries. The Federation of German Wholesale, Foreign Trade and Services (BGA, Bundesverband Gro

Author:, Senior Economist

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