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News : EU Economy Last Updated: Feb 10, 2015 - 6:53 AM

German exports rose to new record in 2014
By Michael Hennigan, Finfacts founder and editor
Feb 9, 2015 - 9:11 AM

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Despite sluggish growth in most of the world and sanctions on Russia, German exports were at a record in 2014 and the trade surplus also surged to a record high.

Germany exported a record €1.13tn in goods and services last year, up 3.7% on 2013, according to Destatis, the federal statistics office. Imports rose by 2% to €915.6bn

Germany was boosted by rising demand in the US and the UK and the plunge in the price of oil.

In 2014, export and import levels were higher than the previous all-time highs recorded in 2012. In that year, Germany exported goods to the value of €1.09tn and imported goods to the value of €905.9bn.

Analysis: Germany world's top surplus economy; UK tops deficit ranks

The foreign trade balance showed a surplus of €217.0bn in 2014, which was the highest value ever recorded. It exceeded the previous peak of €195.3bn achieved in 2007. In 2013, the surplus of the foreign trade balance was 195.0bn.

According to provisional results of the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of €215.3bn in 2014, which takes into account the balances of trade in goods including supplementary trade items (+€229.8bn), services (–€41.7bn), primary income (+€68.4bn) and secondary income (–€41.1bn). In 2013, the German current account  was in surplus by €189.2bn.

In 2014, Germany shipped goods to the value of €657.3bn to European Union (EU) countries, while it received goods to the value of €599.9bn from those countries. Compared with 2013, dispatches to the EU countries increased by 5.4%, and arrivals from those countries by 3.6%. Goods to the value of €414.2bn (+2.7%) were dispatched to the Euro Area countries in 2014, while the value of the goods received from those countries was €411.4bn (+2.3%)*. In 2014, goods to the value of €243.1bn (+10.2%) were dispatched to EU countries not belonging to the Euro Area, while the value of the goods which arrived from those countries was €188.5bn (+6.6%).

Exports of goods to countries outside the European Union (third countries) amounted to €476.2bn in 2014, while imports from those countries totalled €316.6bn. Compared with 2013, exports to third countries increased by 1.5%, while imports from those countries were down 0.9%.

In December 2014, Germany exported goods to the value of 90.1bn (+10.0% compared with December 2013) and imported goods to the value of 71.1bn (+4.0%).

Exports and imports showed diverging month-on-month trends on a calendar and seasonally adjusted basis. While exports rose by 3.4% on November 2014, imports were down 0.8%.

*Re-exports via the port of Rotterdam in the Netherlands have to be reclassified to countries outside the Euro Area.

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