Germany's trade surplus reached a record high in 2016 as exports grew more than imports, weathering global uncertainties.
The trade balance showed a surplus of EUR 252.9 billion in 2016, the highest value ever recorded and clearly exceeded the previous peak of EUR 244.3 billion achieved in 2015, Destatis reported Thursday.
Exports expanded 1.2 percent and imports gained 0.6 percent in 2016.
Germany exported goods worth EUR 1,207.5 billion and imported goods of EUR 954.6 billion in 2016. Both exports and imports reached new highs.
The current account surplus totaled EUR 266 billion in 2016 versus EUR 252.6 billion in 2015.
In December, exports declined for the first time in three months, while imports remained unchanged from November.
Exports slid 3.3 percent from November, when they grew 3.9 percent. Shipments were expected to drop 1.3 percent.
At the same time, economists had forecast imports to decrease 1.1 percent after rising 3.5 percent in November.
Consequently, the trade surplus fell to a seasonally adjusted EUR 18.4 billion from EUR 21.8 billion in November. On an unadjusted basis, the trade surplus dropped to EUR 18.7 billion from EUR 22.7 billion a month ago.
Year-on-year, exports advanced 6.3 percent in December, the fastest growth in four months. Likewise, imports growth accelerated to 7.4 percent from 4.4 percent in November.
In December, the current account surplus decreased to EUR 24 billion from EUR 25 billion in November.
by RTTNews Staff Writer
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