German trade gets summer feeling
Foreign trade between Germany and the world sees an extraordinary increase for May, year-on-year.
Berlin (GTAI) - Both exports and imports in Germany have shown a sharp rise in May 2017, year-on-year, according to federal statistical agency Destatis. Provisional data show that exports increased by 14.1 percent and imports by 16.2 percent from May 2016 to May 2017, while after calendar and seasonal adjustment, exports were up by 1.4 percent and imports by 1.2 percent compared with April 2017.
The foreign trade balance was also up sharply year on year, from €20.7bn in May 2016 to €22bn in May 2017. Compared with May 2016, exports to the EU countries increased by 11.8 percent, and imports from those countries by 13.2 percent, while exports to third countries increased by 17.3 percent and imports from those countries by 22.3 percent. “These are interesting results, given the current global economic uncertainties, and especially those threats to continued international trade,” said Thomas Bozoyan, Senior Manager of Economic Research at Germany Trade & Invest, Germany’s federal economic development agency. "Germany’s strength as a manufacturing location is well-known, but the faith in that is reinforced by these export statistics."
“The import statistic is perhaps more significant though, as it shows not only that German companies are manufacturing and doing good business, it is also creating wealth for its residents and increasing consumer demand. This increase in demand is being felt in other countries as well as Germany, a very good situation. This all has a long-term value-creating effect for the country and will contribute to the stability of the nation and its economy, both as a residential and business location.”