• Germany's news in English
 
app_header_v3

Germany set for €200 billion trade surplus

The Local · 6 Sep 2013, 06:20

Published: 06 Sep 2013 06:20 GMT+02:00

Munich’s IFO institute for economic research announced on Thursday that 2013 is set to be a record year for Germany, with the trade surplus – the difference between exports and imports – expected to hit the €200 billion mark thanks to an upturn in global trade.

In the first six months of the year the surplus was €96 billion which was 7.2 percent of GDP, above the threshold set by the EU Commission which regards anything above six percent is unstable.

The IFO institute described Germany as the “greatest exporter of goods in the world," newspaper the Welt reported.

But in July the trade surplus narrowed slightly according to data published by the federal statistics office Destatis on Friday.

Germany exported goods worth €90.3 billion in July, down from €91.2 billion euros in June. Imports increased fractionally to €75.8 billion from €75.4 billion.

That meant the trade surplus narrowed to €14.5 billion euros in July.

Thursday brought some positive economic news for Europe with growth forecasts revised slightly upwards for this year.

Projections from the European Central Bank (ECB) saw the eurozone economy shrinking by 0.4 percent this year and then growing by 1.0 percent next year.

The predictions were fractionally more optimistic with regard to growth this year, but they were more cautious about the outlook for next year. In the bank's previous forecasts in June, the economy had been expected to contract by 0.6 percent in 2013 and grow by 1.1 percent in 2014.

Story continues below…

European Central Bank chief Mario Draghi tempered hopes that the eurozone was about to rebound strongly, insisting that the nascent recovery remained extremely fragile. "I am very, very cautious about recovery. I can't share the enthusiasm,” he said.

He added that the central bank "stands ready to act" should the situation suddenly deteriorate again in face of, for example, geo-political risks related to the situation in Syria.

AFP/The Local/tsb

The Local (news@thelocal.de)

Your comments about this article

Today's headlines
'Lone' Munich shooter kills nine, commits suicide
Photo: DPA

A teenage German-Iranian gunman who killed nine people in a shooting spree at a busy Munich shopping centre and then committed suicide had likely acted alone, German police said Saturday.

As it happened
Nine dead in shooting rampage in Munich
File photo: DPA

Nine people are dead after "at least one person" went on a shooting spree in a Munich shopping centre on Friday evening. An attacker is believed to be among the dead.

German Turkish community split by unrest after coup plot
Pro-Erdogan protesters in Berlin. Photo: DPA

Hatred between supporters of President Recep Tayyip Erdogan and those opposed to him has exploded on social media in Germany in the wake of a failed coup attempt last Friday.

Germany stresses defence of Baltics after Trump comments
Photo: DPA

Germany on Friday stressed its promise to protect its NATO allies after White House hopeful Donald Trump called the commitment into question.

Three quarters of Germans fear terror attack 'soon'
Police guard a football stadium. Photo: DPA

The figure has shot up from 69 percent just two weeks ago.

Starving stork is unexpected customer at pharmacy
Photo: DPA

Was it on a mission to deliver the morning-after pill instead of babies?

Anti-drugs campaign is Scientology in disguise: spies
The Church of Scientology's German headquarters in Berlin. Photo: DPA

The controversial church is considered an "anti-constitutional sect" in Germany.

Free peeing on Autobahn must be legal right: Left Party
Photo: DPA

The Left Party, Germany’s official opposition, has discovered the key to winning votes in next year’s federal election - making motorway toilets free for all.

Crime writer in court for failed robbery - just like in his book
File photo: DPA

Was it research for a novel gone wrong?

German trains need better protection from attacks: police
Photo: DPA

Trains are a soft spot in the German security system which terrorists are likely to target unless necessary steps are taken, federal investigators warn.

Sponsored Article
Why you should attend an international job fair
Analysis & Opinion
Nice was an attack on France, not on Germany
Sponsored Article
Avoid hidden fees when sending money overseas
National
Bavaria train attack: Were police right to shoot to kill?
National
How to get German citizenship (or just stay forever)
Sponsored Article
Why Swiss hospitality graduates are in demand
Technology
Brexit will turn Berlin into 'Europe’s startup capital'
Sponsored Article
Five things Americans should know about voting abroad
Travel
Six soothing day trips to escape the bustle of Berlin
International
'Germany needs to make UK come to its senses'
Features
Six odd things Germans do in the summer
Travel
These 10 little-known German towns are a must see
Sponsored Article
Why expats choose international health insurance
Features
How two gay dads cut through German red tape to start a family
National
Five things to know about guns in Germany
Sponsored Article
Health insurance for expats in Germany: a quick guide
Culture
10 things you need to know before attending a German wedding
Sponsored Article
Avoid hidden fees when sending money overseas
National
Eight weird habits you'll pick up living in Germany
Lifestyle
Six reasons 'super-cool' Berlin isn't all it's cracked up to be
Society
Only one country likes getting naked on the beach more than Germany
Sponsored Article
Why Swiss hospitality graduates are in demand
Lifestyle
23 ridiculously fascinating things you never knew about Berlin
Culture
8 German words that perfectly sum up your 20s
Sponsored Article
Why you should attend an international job fair
Lifestyle
Can't make it past the door at Berlin's most famous club? Help is at hand
Business & Money
Why Frankfurt could steal London's crown as Europe's finance capital
Features
6 surprising things I learned about Germany while editing The Local
Culture
Five sure-fire ways to impress Germans with your manners
10,799
jobs available
Toytown Germany
Germany's English-speaking crowd