The ‘Made in Germany’ stamp still appears to hold weight with importers, as Germany’s foreign trade balance continues to break year-on-year records, according to provisional data from Germany’s federal statistics agency, Destastis.
Europe’s largest economy recorded a foreign trade surplus of €252.9bn for 2016, a highest-ever value easily surpassing the 2015 previous high of €244.3bn.
Exports rose by 1.2 per cent overall in 2016, while imports also rose by 0.6 per cent, reflecting an encouraging upswing in domestic consumer spending and confidence.
Interestingly, Germany’s tendency within the Eurozone was to widen the surplus further, but outside the Eurozone there was a larger increase in imports than exports, again reflecting the strength, spending power and confidence within the German economy.
“This increase in net exports is a very encouraging sign for Germany,” said Dr. Benno Bunse, CEO of federal economic development agency Germany Trade & Invest.
“On the back of what looks to be positive data emerging in foreign direct investment last year, the overall picture is of an economy developing healthily towards being a place of manufacture and robust consumer-led development.
“We are seeing many more companies head to Germany as the gateway to the large EU and Eurozone markets, as well as a place to enjoy our sensible investment conditions and set up manufacturing facilities, thereby adding value to all stakeholders.”
Germany Trade & Invest is the foreign trade and inward investment agency of the Federal Republic of Germany. The organization advises foreign companies looking to expand their business activities in the German market. It provides information on foreign trade to German companies that seek to enter into foreign markets. All inquiries relating to Germany as a business and investment location are treated confidentially. All investment services are available at no charge.