According to provisional data today from Destatis, the German Federal Statistical Office, Germany,the Eurozone's biggest economy, exported commodities to the value of €84.4 billion and imported commodities to the value of €67.3 billion in January 2008. German exports of January 2008 were thus 9.0% and imports 10.2% above the respective January 2007 levels. Upon calendar and seasonal adjustment, exports increased by 3.8% - the fastest growth in 16 months - and imports by 4.2% on December 2007.
Both France and Italy also reported today better than expected expected industrial production figures for January, confirming the position of the European Central Bank that the Eurozone economy is sound.
German plant and machinery orders rose 7% in January from a year earlier, driven by foreign sales, the VDMA machine makers association said last week.
The German foreign trade balance showed a surplus of €17.1 billion in January 2008. In January 2007, the surplus amounted to € 16.4 billion. Upon calendar and seasonal adjustment, the foreign trade balance recorded a surplus of € 16.1 billion in January 2008.
According to provisional results of the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of € 15.0 billion in January 2008, which included the balance of services (€ –1.3 billion), factor income (net) (€+3.5 billion), current transfers (€–3.5 billion) and supplementary trade items (€ –0.9 billion). In January 2007, the German current account showed a surplus of €14.4 billion.
In January 2008, Germany dispatched commodities to the value of €54.3 billion to the Member States of the European Union, while it received commodities to the value of € 43.1 billion from those countries. Compared with January 2007, dispatches to and arrivals from the EU countries increased by 7.7% and 11.2%, respectively. Commodities to the value of €36.2 billion (+6.3%) were dispatched to the €o area countries in January 2008, while the value of commodities received from those countries was €29.9 billion (+10.0%). Commodities to the value of €18.1 billion (+10.5%) were dispatched to EU countries not belonging to the Eurozone area in January 2008, while the value of the commodities which arrived from those countries was € 13.2 billion (+13.9%).
Germany exported commodities to the value of €30.0 billion to and imported commodities to the value of €24.2 billion from countries outside the European Union (third countries) in January 2008. Compared with January 2007, exports to third countries were up by 11.5% and imports from those countries by 8.5%.
