German exports surge to record high in March

German exports surge to record high in March

Statistics office Destatis has today revealed German exports rose to a record high in March, driving its trade surplus up.

Exports rose 7.3% in March on a monthly basis to €98.3 billion (£87 billion), while imports also rose to a record high, by 3.1% on a monthly basis, to €79.4 billion.

A statement said: “That was the highest monthly figure recorded for both exports and imports since the collection of foreign trade statistics had started in the Federal Republic of Germany in 1950.”

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.

Meanwhile, the trade balance showed a surplus of €15.2 billion for March, up from February’s seasonally adjusted €11.2 billion.

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 between 2.6% and 3% is expected this year.

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