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Business

German exports clear one-trillion-euro hurdle

German companies this year have already exported goods and services worth more than one trillion euros ($1.3 trillion). Imports will also hit a new high in 2012, but the trade surplus will widen further.

Container terminal in the port of Hamburg, Germany Medianumber: IHM 03 004 Creation date: 2008-01-21 Photographer: Christian Spahrbier

Bildergalerie Hamburg und Lateinamerika

German exports look set to cross the 1.0-trillion-euro ($1.3-trillion) threshold on Monday night, the Federation of German Wholesale, Foreign Trade and Services (BGA) said in a statement in Berlin.

"Together with our imports, the domestic trade volume will this year total more than 2.0-trillion euros," BGA President Anton Börner announced.

He expected German exports to rise by 4 percent throughout the current year, with imports to increase by 3 percent. Börner said the country's foreign trade surplus in 2012 would reach 174 billion euros, a 10-percent rise over last year's level.

Solid outlook

The BGA said trade activities could have been even more impressive without the protracted sovereign debt crisis in parts of the eurozone and dwindling demand for German goods in other regions of the world.

"Nevertheless we look to next year with optimism," Börner said. "The domestic economy is based on a sound footing, and I expect global cyclical developments to pick up some momentum again."

The BGA said German shipments abroad could easily rise by another 5 percent next year owing to the still strong markets in Asia and North America.

"Our robust growth in markets there is also helping along component suppliers from many of our European neighbors, including France, Spain and Italy," Börner said.

hg/msh (dpa, AFP)