Germany posts record exports of 98.3 bn euros in March

Tuesday, 10 May 2011 00:00 - - {{hitsCtrl.values.hits}}

FRANKFURT, (AFP) - A pick up in global trade saw Germany post record exports and imports in March, official data showed Monday, while its trade surplus climbed more than 11 percent on a yearly basis to 18.9 billion euros ($27 billion).

Germany recorded exports worth 98.3 billion euros ($142 billion), a monthly increase of 7.3 percent, and also received a record amount of imports, worth 79.4 billion euros, for a monthly increase of 3.1 percent, the figures showed.

“That was the highest monthly figure recorded for both exports and imports since the collection of foreign trade statistics had started in the Federal Republic of Germany in 1950,” the national statistics service said.

When adjusted for calendar and seasonal effects, the country’s trade surplus came to 15.2 billion euros in March, the Destatis office said.

Citing data provided by the German central bank, it added that the current account of the balance of payments, a broad measure of a nation’s trade with partners, came to 19.5 billion euros in March, up from 18.8 billion a year ago.

Also on an annualised basis, exports by Germany, the world’s second biggest exporter after China, gained 15.8 percent, while imports were 16.9 percent higher, the figures showed.

“Since the trough of the recession, exports have increased by more than 30%, returning to their pre-crisis level,” ING senior economist Carsten Brzeski noted.

“Looking ahead, exports should remain a reliable source for growth, even if the pace of export growth is about to slow down,” he added.