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German trade surplus at record high

Staff writer |
German trade surplus hit record high in 2013 as imports decline outpaced exports drop, official data showed.

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For the whole year of 2013, German trade balance reached 198.9 billion euros ($269.9 billion). Exports increased by 0.2 percent to 1093.9 billion euros ($1484.2 billion), imports declined by 1.2 percent to 895 billion euros ($1216.04 billion).

This was the highest value recorded since the beginning of compiling foreign trade statistics, according to German Federal Statistical Office. In 2012, the Europe's largest economy saw a trade surplus of 189.8 billion euros ($257.52 billion).

German government persisted that its trade surplus proved the competitiveness of the "Made in Germany" products, its growth was mainly driven by domestic demands and its trade with eurozone member states was balanced.

Data showed that Germany's exports to eurozone countries fell by 1.2 percent to 401.9 billion euros ($545.3 billion) in 2013, its imports from the common currency bloc declined by 0.2 percent to 401.2 billion euros ($545.11 billion).

Federal Statistical Office also said that German exports in December, calendar and seasonally adjusted, dropped unexpectedly by 0.9 percent on November. Imports also dipped by 0.6 percent. Trade surplus in December 2013 thus decreased to 18.5 billion euros ($25.14 billion) from 18.9 billion euros ($25.64 billion) in November.

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