German goods are in demand on the world market, so the trade balance of the Europe’s largest economy keeps expanding.
Yesterday the Federal Statistical Office of Germany informed of an increase in the trade balance to 13 bln 700 mln euro. In February the seasonally adjusted indicator changed to constitute 13 bln 700 mln euro. Apparently, it remained unchanged, even though analysts had predicted that the indicator would equal just 13.5 bln euro.
Germany imports grew by 1.2%, while exports advanced by 0.9%.
It should be mentioned that major trade partners of Germany are neighbouring Eurozone countries. Taking into account austerity measures implemented to cut the budget deficit, Germany may well see its exports shrinking in future.
The suddenly upbeat data backed the single European currency. So, against the US dollar, the euro rebounded from this week’s lows to the level of one dollar and 29.9 cent.
Yet, the downtrend was not long to be back owing to uncertainty spurred by the new Greece government.