German exports rose for the second straight month in November 2009 and may rise 10% in 2010. Meanwhile, despite the rise, China has overtaken Germany as the world's top goods exporter.
Exports rose 1.6% in November, after seasonal adjustments, following an increase of 1.9% in October, according to Destatis, the German national statistics office today.
Germany exported goods worth €734.6 billion (US$1.05 trillion) in the first 11 months of last year - - down 19.9% on the same period in 2008.
In the 11 months from January to November, Chinese goods exports reached a total value of $1.07 trillion
BGA, the Federation of German Wholesale and Foreign Trade, said on Dec 30th, that it expected German exports to rise 10% in 2010.
German exports will rise mainly owing to demand from Asia, according to a BGA survey carried out among member companies.
"Our biggest rival is, however, our most dynamic client," Anton Boerner, BGA president, said, adding that China with its demand in infrastructure, machinery and green technology offers good export opportunities for several years, just as India, Brazil and Russia do.
Destatis said today that Germany exported commodities to the value of €73.7 billion and imports were valued at €56.3 billion, in November 2009.
German exports fell by 3.1% and imports by 14.8% in November 2009 compared with the same moth in 2008. Imports fell by 5.9% in the month of November.
The foreign trade balance showed a surplus of €17.4 billion in November 2009. In November 2008, the surplus amounted to €10.0 billion.
Deutsche Bundesbank data shows that the current account of the balance of payments showed a surplus of €18.1 billion in November 2009, which included the balance of services (+ €0.5 billion), factor income net (+ €4.9 billion), current transfers (– €3.9 billion), and supplementary trade items (– €0.8 billion). In November 2008, the German current account showed a surplus of €9.4 billion.
In November 2009, EU exports were valued at €44.3 billion while imports were valued at €36.3 billion from those countries. Compared with November 2008, dispatches to and arrivals from the
EU countries decreased by 6.7% and 10.7%, respectively.
Exports to the 15 other Eurozone countries were €30.4 billion (–4.4%) while the value of imports was €25.6 billion (–7.9%).
Exports of commodities to countries outside the European Union (third countries) amounted to €29.5 billion in November 2009, while imports from those countries amounted to €20.1 billion. Compared with November 2008, exports to third countries increased by 2.9% and imports from those countries decreased by 21.3%.