According to the posted data, the total exports of Germany for 2017 were valued at 1,279.4 billion euros which is 1,569.2 billion U.S. dollar. The Wiesbaden-based government statisticians have marked such as an annual upsurge of at least 6.3%.
As for the imports of the country, the data indicated an 8.3 percent increase which is 1,034.6 billion euros in value. This has consequently caused the Germany’s frequently-criticized trade surplus to decline by 244.9 billion euros in the said period. This is also the first time since 2009 that the country posted trade data indicating a surplus contract.
View of the fish market in the German city of Hamburg.
In 2016, the country posted a record surplus of 248.9 billion euros which garnered criticism by the Washington-based International Monetary Fund (IMF). U.S. president Donald Trump likewise accused the established German exporting aptitude for causing a disparity in the worldwide economy.
Director of the credit insurer Euler Hermes, Ron van het Hof told reports on Thursday that the strong German data could be accredited to diversity and competitiveness of the country. "Whenever it comes to high-end products, German products are in demand. This holds true for German Know-How in engineering, chemicals and automobiles", van het Hof stated.
Van het Hof added that the small- and mid-sized firms (SMEs) factored to the said rise. Most of these firms had achieved "global market leadership" in their particular niche in the commercial markets.
Furthermore, the German Federation of Foreign and Wholesale Trade (BGA) estimate that the exports of the country could have another record high in the current year of 2018. The BGA forecast a 5% annual growth which is 1,340 billion euro value.
Also, director of the Confederation of Germany Industry (BDI) Joachim Lang also expressed his optimism towards the German exports throughout 2018. . "Global demand for German products will remain strong and support production in the German industry," Lang told reports.
Germany then has to continue posting strong growth data in the Eurozone to further support the current movement. According another posted data, the gross domestic product (GDP) in the members of the single currency area for 2017 indicated an increase of 2.5%.
As revealed by the German Chambers of Industry and Commerce (DIHK), Business leaders in Germany altogether expressed their confidence with the exports data. "Mainly due to the positive economic development in Europe.”, the survey revealed.
On the other hand, Holger Bingmann, President of BGA, likewise cautioned everyone that the growing protectionism could become a potential danger to German exports in 2018.
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