German exporters shrug off high euro
18 January 2005 , WIESBADEN - Germany's foreign trade sector posted a record-high surplus as exports setting a new record despite a strong euro.
18 January 2005
WIESBADEN - Germany's foreign trade sector posted a record-high surplus as exports setting a new record despite a strong euro.
The Federal Statistics Office in Wiesbaden said on Tuesday, Germany's export sector produced record-high numbers in 2004 to help the foreign trade sector achieve a record-high surplus of EUR 155.6 billion.
Presenting full-year estimates based on figures through the first 11 months of 2004, the statistics office said that the projected trade surplus well surpassed the previous record set in 2002 and was 19.8 percent above the 2003 surplus.
In 2002, Germany's trade surplus was EUR 132.8 billion. In 2003, the surplus slipped slightly, to around EUR 130 billion.
The office said exports in 2004 were estimated to have reached a record EUR 731 billion, up 10 percent on the previous record of EUR 664.5 billion the year before.
Imports in 2004 reached EUR 575.4 billion, up 7.7 percent from the year before, the office said.
In a sign that German exporters performed well despite the effect of the higher euro making their goods more expensive, the office said that exports to third countries outside the eurozone region gained 10.4 percent last year.
Inside the eurozone, exports were up 10.3 percent, the statistics office reported.
Imports from third countries meanwhile gained 9.8 percent, a rate surpassing the overall increase in imports, indicating that the stronger euro had helped stimulate purchases abroad.
The trade surplus is a major factor in Germany's overall economic performance. Last week the office, in reporting that the gross domestic product grew 1.7 percent in 2004, noted that the foreign trade surplus accounted for 1.2 percent to the overall GDP rise.
Subject: German news