German exports unexpectedly rose for a third
month in March as demand from outside Europe offset weaker regional sales.
Exports and imports hit new monthly records while trade with other Eurozone
countries was almost in balance.
Meanwhile, Germany is heading for a domestic
demand-led recovery, the IMF said in a report on the economy that was issued on
Tuesday, as the country reported a much stronger-than-expected rebound in
industrial production. Industrial production rose by 2.8% in March compared with
February, after a 0.3% dip in the previous month, according to official data
also published on Tuesday. The rise means output has returned to levels last
seen in mid-2011, before the Eurozone crisis accelerated.
Destatis, the federal statistics office, reported today
that Germany exported goods to the value of €98.9bn and imported commodities to
the value of €81.5bn in March 2012 - - the highest monthly figures ever recorded
for exports and imports (both previous all-time highs recorded in March 2011).
Compared with March 2011, German exports increased by 0.7% and imports by 2.6%
in March 2012. After calendar and seasonal adjustment, exports rose by 0.9% and
imports by 1.2% compared with February 2012.
The foreign trade balance showed a surplus of
about €17.4bn in March 2012. In March 2011, the surplus amounted to €18.8bn. In
calendar and seasonally adjusted terms, the foreign trade balance recorded a
surplus of €13.7bn in March 2012.
According to provisional results from the
Deutsche Bundesbank, the central bank, the
balance of payments' current account showed a surplus of €19.8bn in March 2012,
which included the balance of services (+€ 1.3bn), factor income net (+€ 5.7bn),
current transfers (–€0.5bn), and supplementary trade items (– €1.2bn). In March
2011, the German current account showed a surplus of €21.3bn.
In March 2012, Germany dispatched commodities to
the value of €57.0bn to the member countries of the European Union (EU),
while it received commodities to the value of €52.4bn from those countries.
Compared with March 2011, dispatches to the EU
countries decreased by 2.8%, while arrivals from those countries increased by
2.1%. Commodities to the value of €38.1bn (–3.6%) were shipped to the
Eurozone countries in March 2012, while the value of the commodities received
from those countries was €37.0bn (+2.3%). In March 2012, commodities to the
value of € 18.9bn (–1.4%) were dispatched to EU
countries not belonging to the € area, while the value of the commodities which
arrived from those countries was € 15.4bn (+1.7%).
Exports of commodities to countries outside the
European Union (third countries) amounted to €41.9bn in March 2012, while
imports from those countries totalled €29.1bn. Compared with March 2011, exports
to third countries increased by 6.1% and imports from those countries by 3.5%.
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