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German exports hit a record of trillion euros
Netherlands News.Net
Wednesday 8th February, 2012
BERLIN - German exports have grown 11.4 per cent to top one trillion euros in 2011 but a sharp decline towards the end of the year has triggered fears in Europe's biggest economy, according to fresh figures released Wednesday.
Official data from the Federal Statistics Office shows Germany's trade surplus reached 158 billion euros, or $209 billion, in 2011 on record exports. The trade surplus in 2010 was 155 billion euros.
The data also showed that German imports rose 13.2 per cent to reach an all-time high of 902 billion euros.
Significantly, exports to countries other than 27-nation European Union also recorded the strongest growth in 2011 up 13.6 per cent to 432.8 billion euros, according to the data.
However, the data reveals that the German exports fell 4.3 per cent at their fastest rate in nearly three years in December, since the financial crisis.
Analysts said December decline implied that the euro zone sovereign debt crisis have hit Germany hard in the fourth quarter.
The data also showed that Germany's balance of payments a broader measure of exchanges with other countries showed a surplus of 136 billion euros 2011, down from 142 billion euros in 2010.
Meanwhile, the Bank of France on Wednesday said the French economy the second-largest in the euro zone was likely to see zero growth in the first three months of 2012. The French economy has posted a trade deficit of almost 70 billion euros for 2011.
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