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© Federal Foreign Office
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March 19, 2008
Germany is the world’s largest exporter of goods, selling almost €1 trillion worth abroad in 2007, and foreign trade has been a key engine of growth.
Germany continues to retain its title of the world’s export champion in February 2008. German exports were up 9 per cent in February, showing healthy growth despite the euro’s climb to near-record levels against the US dollar, according to the data from the German Federal Statistical Office. The data remains unchanged from January 2008.
Germany, which has Europe’s biggest economy, exported goods and services worth €84.6 billion in the second month of 2008, up from €77.6 billion a year earlier, the Statistics office said.
The import figures for February 2008 increased by 7 per cent above the respective February 2007 figures.
Exceeding the expectations of the analysts’, the monthly export figures in January 2008 had risen around 3.8 per cent, compared with December 2007, marking the biggest monthly rise since September 2006.
Germany is the world’s largest exporter of goods, selling almost €1 trillion worth abroad in 2007, and foreign trade has been a key engine of growth. In February 2008, the country’s trade surplus declined to €16.9 billion, compared to January 2008 when it was €17.1 billion. The surplus stood at €10.7 billion in December and at €14.3 billion in January 2007.
According to the report, European Union members remain Germany’s main trading partners, with Germany dispatching commodities to the value of €54.7 billion, an increase of 6.7 per cent from February 2007. The imports from member states of EU was pegged at €44.1 billion, an increase of 9.1 per cent from February 2007.
Analysts fear that the euro’s persistent strength against the dollar threatens to make European exports less competitive overseas. However, February 2008 figures showed that exports to non-European countries were valued at €30 billion, while imports from countries outside the EU was valued at €23.6 billion. Compared with February 2007, exports to non-EU nations were up by 13.5 per cent and imports from those countries by 3.3 per cent.
| by Sakshi Arora |
| © German Information Centre New Delhi |
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