German Exports, Imports Rebound In December
08 Febbraio 2019 - 9:32AM
RTTF2
Germany's exports rebounded at a faster-than-expected pace in
December, exceeding expectations, and imports followed suit,
extending some positive data for the biggest euro area economy
after the recent run of weak figures that suggested a slowdown.
Exports rose a calendar and seasonally-adjusted 1.5 percent from
November, when they declined 0.3 percent, figures from the Federal
Statistical Office showed on Friday. Economists had expected 0.5
percent growth.
The pace of growth was the fastest since May's 1.6 percent
gain.
Imports climbed 1.2 percent month-on-month, recovering from a
1.3 percent slump in November. Economists had forecast 0.4 percent
growth.
"Today's trade data is a welcome sign of life, confirming our
view that the assessment of the German economy currently needs less
black-and-white thinking and is more nuanced," ING economist
Carsten Brzeski said.
"While the temporary problems in the automotive sector will
gradually be resolved...and should boost exports, the risks and
uncertainties from outside the eurozone are clearly the
make-it-or-break-it factor for the export sector," the economist
added.
On a year-on-year basis, exports decreased 4.5 percent and
imports were unchanged in December.
The non-adjusted trade surplus fell sharply to EUR 13.9 billion
from EUR 20.4 billion in November. Economists were looking for a
surplus of EUR 17.3 billion.
The statistical office also reported that the current account
surplus fell to EUR 21 billion in December from EUR 21.6 billion in
November.
For full year 2018, exports rose 3 percent and imports grew 5.7
percent, and their values exceeded their record highs. The trade
surplus fell to EUR 227.8 billion from EUR 247.9 billion in
2017.
EU countries attracted 3.8 percent more German exports than a
year ago, and imports from the group rose 6.3 percent. Exports to
the euro area increased 4.5 percent and imports from the bloc
climbed 6.9 percent.
Shipments to the non-EU countries rose 1.9 percent and imports
from these countries grew 5 percent.
In 2018, the current account surplus dropped to EUR 249.1
billion from EUR 261.2 billion a year ago.
Germany likely avoided a technical recession in the fourth
quarter, the economy ministry has said. Average annual growth
slowed to a five-year low of 1.5 percent in 2018.
On Thursday, the European Commission slashed the German growth
forecast for this year to 1.1 percent from 1.8 percent and the
projection for next year was left unchanged at 1.7 percent.
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