German trade surplus reaches new record high in 2016

German exports reached new record highs in 2016. The country exported goods worth EUR 1.21 trillion in 2016, whereas it recorded imports worth value of EUR 954.6 billion. According to the Federal Statistical Office, the provisional data indicated that German exports rose 1.2 percent and imports up by 0.6 percent year-on-year in 2016. Imports and exports surpassed the previous record highs of 2015, when goods exports’ value had come in at EUR 1.193 trillion and imports had come in at EUR 949.2 billion.

The nation registered a record high surplus of EUR 252.9 billion in 2016. It surpassed the earlier peak of EUR 244.3 billion recorded in 2015. Provisional results of Deutsche Bundesbank show that current account of the balance of payments indicated surplus of EUR 266 billion in 2016 that takes into account the balances of trade in goods including services, supplementary trade items, primary income and secondary income. German current account showed a surplus of EUR 252.6 billion.

Germany’s exports to the EU nations reached the value of EUR 707.9 billion in 2016, whereas imports reached a value of EUR 632.5 billion. Compared with 2015, exports to the EU nations rose 2.2 percent, while imports grew 1.8 percent. Meanwhile, exports to outside of EU nations dropped 0.2 percent to EUR 499.6 billion, whereas imports dropped 1.7 percent to EUR 322.1 billion.

The value of goods exported in December 2016 reached EUR 97.4 billion, whereas the value of goods imported reached EUR 78.7 billion. On a sequential basis, after calendar and seasonal adjustment, exports dropped 3.3 percent in December, whereas imports remained unchanged.