Vrooooom. Germany’s exports and imports both rose to record highs last year amid broad growth in the world economy.
Exports climbed 6.3 per cent in 2017 to €1.28tn, while imports rose 8.3 per cent to €1.03tn, according to data from the Federal Statistics Office. The stronger growth in imports meant the trade surplus edged lower to €244.9bn, from a record €248.9bn in the previous year.
The strong growth in foreign trade underscores the vigour of the global economy. Exports and imports rose with countries both inside and outside of the EU bloc.
While global trade is expected to be lifted by a strong economy this year, there is a rising focus on politics.
In the US, Donald Trump has focused on reducing America’s trade deficit, which hit its highest level since 2008 during the president’s first year in office. Meanwhile, the UK and EU are locked in tense negotiations on how the trade of goods and services will function once Britain exits the bloc in March 2019.
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