German exports shrug off effects of strong euro

10th January 2005, Comments 0 comments

10 January 2005, WIESBADEN - Germany's year-on-year foreign trade surplus grew in November as exports remain buoyant despite the euro's strength against the dollar, figures released on Monday showed. Exports in November increased for a third month in a row, gaining 0.4 percent from October when adjusted for work days and seasonal changes, the Federal Statistics Office in Wiesbaden said. Imports were meanwhile up 1.8 percent from October. November's exports reached a record EUR 66.6 billion, 13.2 percent ab

10 January 2005

WIESBADEN - Germany's year-on-year foreign trade surplus grew in November as exports remain buoyant despite the euro's strength against the dollar, figures released on Monday showed.

Exports in November increased for a third month in a row, gaining 0.4 percent from October when adjusted for work days and seasonal changes, the Federal Statistics Office in Wiesbaden said.

Imports were meanwhile up 1.8 percent from October.

November's exports reached a record EUR 66.6 billion, 13.2 percent above the November 2003 level, the figures showed.

The German wholesale and export trade federation BAG said it expected Germany to remain "export world champions" in 2004.

However economic experts believe exports this year will slow as a result of the euro's continued strength and waning global economic growth.

HypoVereinsbank said a decline in global growth was "only a question of time". It expects growth worldwide to slip to 3 percent this year from 4 percent in 2004.

Germany's imports in November meanwhile rose by 12.5 percent to EUR 54.7 billion to give a foreign trade balance surplus of EUR 11.9 billion, up from EUR 10.2 billion in November 2003.

Commerzbank experts said the import figures show that the recovery in domestic demand had held up towards the end of the year.

Germany's exports to European Union countries were worth EUR 44.2 billion in November, up from 14 percent from November 2003. Exports to countries outside the European Union rose 11.7 percent to EUR 22.4 billion.

Imports from EU members meanwhile came to EUR 35.3 billion, a gain of 9.5 percent over a year ago, while imports from outside the European Union rose 18.3 percent to EUR 19.4 billion.

For the first 11 months of 2004, Germany's exports have risen by 10.5 percent to EUR 673.9 billion over the same period the previous year.

The BGA estimates an increase for the year as a whole of around 10 percent to EUR 728 million. The increase is expected to be about the same for both EU countries and the US and Asia markets. 

DPA

Subject: German news 
 

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