Germany Trade Balance


Germany: Exports tap record high

May 9, 2011

In March, exports grew a seasonally and working day adjusted 7.3% over the previous month, which was faster than the 2.8% increase observed in February. The reading surprised analysts' expectations on the upside, which had anticipated exports losing steam and growing just 1.1%. While the monthly expansion in exports represented the fastest growth rate in eleven months, imports moderated the pace, expanding 3.1% over the previous month, which was below the 4.0% increase tallied in February. On an annual basis, exports grew 15.8% in March (February: +21.1% year-on-year), which pushed exports to EUR 98.3 billion, the highest monthly figure since records began. Meanwhile, imports grew 16.9% (February: +27.3%) to EUR 79.4 billion. As a result, the trade balance surplus widened to EUR 18.9 billion from the EUR 11.9 billion observed in February. As a result of the strong March expansion, exports moved above pre-crisis levels, with the 3-month sum in exports rising to EUR 261 billion in March, which was above the EUR 257 billion registered in November 2007. Export growth is likely to follow the positive trend in place and remain a strong economic growth driver, as demand from emerging economies remains buoyant. The Federation of German Wholesale, Foreign Trade and Services (BGA, Bundesverband Gro

Author:, Senior Economist

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