German exports in January rose 24.2% from a year earlier, pushing the country's trade surplus higher, official figures showed today.
Compared with December, however, exports fell 1% although analysts said the drop was likely to be temporary and noted a landmark shift in shipments to China. Imports in January compared with December meanwhile were up 2.3%.
On an annual basis to January, German exports totalled €78.5 billion, with imports up 24.1% on the year to €68.4 billion, producing a trade surplus of €10.1 billion, up from €8.1 billion in January 2010, the Destatis statistics office said. The trade surplus was below an average analyst forecast of €12 billion.
Analysts said the month-on-month decline in exports should not mark the start of a trend unless a freight train drivers' strike becomes entrenched and a stronger euro weighs on the competitive position of German goods.
Exports to the US and especially other members of the 17-nation euro zone should help Germany continue to grow however. Some of Germany's euro zone partners charge that its persistent trade surplus comes at their expense because the country does not consume enough of their goods but the rise in imports this time was likely due to higher oil prices.
Figures provided by the German central bank showed the current account, a broader picture of trade in goods and services along with financial transfers, showed a surplus of €7.2 billion in January. It had stood at €5.6 billion a year earlier.
