German posts robust trade growth

8 April 2004

WIESBADEN – Germany’s foreign trade sector posted robust figures both for exports and imports in February, remaining the key pillar of Europe’s biggest economy, according to government figures published Thursday.

The Federal Statistics Office in Wiesbaden, said exports in the month came to EUR 56.7 billion, up 5.4 per cent from February 2003 levels but with the strong euro resulting in exports slipping by 2.5 per cent month-on-month.

Imports, at 44.6 billion euros, were 3.5 percent higher than a year earlier.

Germany is the world’s leading export nation with the continuing strong performance of its trade sector helping to offset continuing weak consumer demand.

Indeed, helping to power German exports head was a solid rise in exports to its partners in the 12-member eurozone.

The statistics office said that within the eurozone, where the rise of the euro against the dollar has no impact because the same currency is used, German exports were up 6.7 percent at EUR 24.8 billion.

In the wider European Union group, exports totalled EUR 32 billion, up 6.2 percent. Imports from other EU partners gained 3.2 percent to EUR 24.8 billion. Of that, the eurozone group accounted for EUR 20.6 billion, up 4.6 percent from February 2003.

With exports growth outpacing the rise in imports, the trade surplus in February widened to EUR 12.1 billion, compared with EUR 10.7 billion in February 2003, the office reported.

Outside the EU region, German exports totalled EUR 24.6 billion, up 4.4 percent, while imports increased 3.9 percent to EUR 19.7 billion, the office reported.

Citing Bundesbank preliminary figures, the office said the balance on current accounts – the sum of visible trade, services and transfers – also increased, to EUR 5.1 billion. In February 2003, the current accounts surplus was EUR 4 billion.

Subject: German News