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Financial News: Germany's Exports Rise Unexpectedly In December

Germany's Exports Rise Unexpectedly In December

02/08/2018 - 02:28:00 (RTTNews)

(RTTNews) - Germany's exports and imports increased unexpectedly in December, figures from Destatis revealed Thursday.

Exports rose 0.3 percent month-on-month in December, slower than the 4.1 percent increase seen in November. However, shipments were expected to fall 1 percent.

Similarly, monthly growth in imports eased to 1.4 percent from 2.2 percent in November. Economists had forecast a 0.8 percent drop for December.

As imports growth exceeded the rise in exports, the trade surplus fell to a seasonally adjusted EUR 21.4 billion from EUR 22.3 billion a month ago.

On a yearly basis, exports grew at a much slower pace of 3.9 percent after climbing 8.1 percent. Likewise, imports advanced 5 percent after climbing 8.2 percent.

In 2017, German exports increased 6.3 percent and imports by 8.3 percent compared with the previous year.

In 2017, export and import levels were higher than the previous all-time highs registered in 2016. Goods to the value of EUR 1,203.8 billion were exported and goods to the value of EUR 954.9 billion were imported.

In 2017, the foreign trade balance showed a surplus of EUR 244.9 billion compared to an all-time high of EUR 248.9 billion in 2016.

The current account surplus came in at EUR 257.1 billion in 2017 versus a surplus of EUR 259.3 billion in 2018.

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