Record exports

German exports have reached record levels. In 2011, businesses exported goods to the tune of 1.06 trillion euros ($1.405 trillion), breaking the trillion-euro mark for the first time. The Federal Statistical Office reported the statistics on Wednesday in Wiesbaden. Imports amounted to 902 million euros, surpassing the previous record of 805 billion euros in 2008.

"Exports in 2012, despite fears of recession, are on course to reach an all-time high," said Anton Börner, president of the federal office for services, wholesale and foreign trade. "Taken together with imports, we expect foreign trade to reach the 2-trillion-euro mark for the first time."

Economics Minister Philipp Rösler praised the productivity of Germany's economy. He said it will be difficult to build on this success due to the weakness of the world economy, but that Germany remains "highly competitive."

Imports expand

While exports grew 11.4 percent over the previous year, imports grew by 13.2 percent. Germany's trade balance booked an export surplus of 158 billion euros in 2011, according to preliminary figures by the statistical office. In 2010, the export surplus was 155 billion euros.

However, German exporters lost some of their momentum toward the end of last year. In December, exports took a surprising dive over the previous month. It was the largest drop since 2009, when German exports fell by 6.5 percent in the course of a month in the aftermath of the Lehman Brothers' bankruptcy. Economists had anticipated a drop of just one percent, but December's imports actually fell by 3.9 percent.

Europe's largest market

As in the past, member states of the European Union were the largest buyers of German goods. In 2011, the EU bought 627 billion euros worth of German goods and sold 573 billion euros in goods to Germany. Compared to 2012, German exports to EU countries rose by just under 10 percent and imports from the same countries increased by 14 percent.

The preliminary trade statistics also touch on Germany's net productivity abroad. German vacationers traditionally spend more money abroad than the tourism industry makes from foreigners visiting Germany. The account balance for 2011 was 7.8 billion euros in the red. Meanwhile, foreign workers in Germany sent a large portion of their money home. Last year, 35.6 billion euros went abroad.

Germans working abroad were in the black by 40.9 billion euros. All in all, German productivity in 2011 produced a net of 136 million euros. In 2010, that figure came in at 141 billion euros.

Author: Rolf Wenkel / slk
Editor: Shant Shahrigian