Economy

Germany posts record exports and imports for 2017

Germany posts record exports and imports for 2017”

The figures marked new all-time records for both exports and imports, with shipments overseas rising by 6.3 percent.

According to the latest report issued by the Federal Statistical Office (Destasis), German exports in 2017 constituted some €1,279.4bn, marking a staggering 6.3 percent rise in comparison with 2016.

German exports rose 0.3 percent month-on-month in December, slower than the 4.1 percent increase seen in November, figures from Destatis revealed Thursday. Likewise, imports advanced 5 percent after climbing 8.2 percent. Exports to the European Union, at 750 billion euros, accounted for well over half the total.

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Germany exported goods at a record pace in 2017 thanks to the acceleration in global growth, while imports into the eurozone's biggest economy also hit an all-time high as domestic demand increased. Germany's export strength has brought the country criticism from overseas.

The gave a foreign trade surplus of €244.9bn in 2017, just shy of 2016's all-time high of €248.9bn.

"The discussion about the German trade surplus should ease up" because imports rose faster than exports, said the director general of the Federation of German Industries, Joachim Lang. However, shipments were expected to fall 1%.



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