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June 27, 2022

Germany 2012 exports at record high

Germany’s exports hit a record high in 2012 with shipments expanding in six months, despite demand from the currency bloc undergoing a downturn rttnews.com reports. Exports climbed 3.4 per cent to a record EUR 1.09 trillion in 2012 and imports grew 0.7 per cent to EUR 909.2 billion, the Federal Statistical Office said Friday. The trade balance showed a surplus of EUR 188.1 billion, which was the second largest since the introduction of foreign trade statistics in 1950, it said. The figure increased from November’s surplus of EUR 158.7 billion. The current account surplus came in at EUR 166.9 billion in 2012, up from EUR 147.2 billion in 2011.
In December, exports rose only 0.3 per cent from a month ago. The growth reversed November’s 2.2 per cent drop, but was slower than the 1.4 per cent rise forecast by economists. At the same time, imports fell 1.3 per cent, following a 3.8 per cent drop in November. However, arrivals were forecast to grow 1.6 per cent in December. Despite a slight increase in exports, the trade surplus fell more-than-expected to EUR 12 billion from EUR 16.9 billion in the prior month. The expected level for December was EUR 15 billion.
On a yearly basis, exports plunged 6.9 per cent and imports slipped 7.3 per cent in December. Exports to euro area fell 2.1 per cent in 2012, while demand from EU countries not belonging to the euro area grew 3.3 percent. At the same time, imports from Eurozone gained 0.7 percent and that from EU, excluding euro area climbed 1.4 percent. Official data revealed that German manufacturing orders advanced in December primarily due to a marked growth in demand from the euro area.
The German economy is estimated to have contracted 0.5 percent in the final quarter of 2012. Both the government and the central bank forecast 0.4 percent GDP expansion for 2013 after 0.7 percent growth in 2012.

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