German trade surplus hits new record high in 2013 amid concerns of overreliance on exports

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BERLIN – Germany’s trade surplus hit a new high in 2013 as concerns grow that Europe’s largest economic is relying too heavily on exports and not doing enough to encourage domestic demand.

The Federal Statistical Office reported Friday that 2013 exports dropped by 0.2 per cent over 2012 to 1.09 trillion euros ($1.47 trillion) as imports fell 1.2 per cent to 895 billion euros. The resulting trade surplus of 198.9 billion euros was the highest value ever recorded, beating the 195.3 billion euro surplus of 2007 and up from last year’s 189.8 billion euros.

Exports decreased by 0.9 per cent in December to 92.5 billion euros from 93.3 billion euros in November, while imports dropped 0.6 per cent to 74 billion euros from 74.4 billion euros the previous month, according to calendar and seasonally adjusted figures.

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