German trade surplus narrows in January

| March 10, 2011 | 0 Comments
German trade surplus narrows in January

Statistics office Destatis has today revealed German exports unexpectedly fell 1% in January on the month after a 0.5% rise in December.

However, on an annual basis, exports were up 24.2%.

Germany is the world’s second largest exporter after China and export demand helped to bring Germany out of recession in the second quarter of 2009 – much sooner than many of its counterparts throughout the world.

In the meantime, imports grew 2.3% on a monthly basis - beating forecasts of a 1.5% rise. On an annual basis, imports slowed to 24.1% from 26.4% in December.

The trade balance showed a surplus of €10.1 billion for January, from €8.1 billion a year earlier.

Germany is one of the bright spots in the euro zone with its falling unemployment levels and strong economic growth.

Germany, which is Europe’s largest economy, is currently driving the recovery in the euro zone and economic growth of 2.3% is expected this year.

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