German exports rise 2% to €89.074b, imports increase 7% to €53.590b in 2014

BERLIN: New figures from the Central Statistics Office show that the value of exports rose by 2% to €89.074 billion last year compared to 2013.

The preliminary figures from the CSO reveal that imports increased by 7% to €53.590 billion – the highest level of annual imports since 2008’s figure of €57.585 billion.This resulted in a 4% fall in the overall trade surplus to €35.484 billion.

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Exports of medical and pharmaceutical products grew by 5% last year, while exports of organic chemicals dropped by 2%, today’s figures show.

The CSO said that machinery and transport equipment and chemicals and related products were the main import sectors last year, and saw growth rates of 27% and 21% respectively.

The US, the UK, Belgium and Germany were the country’s main export markets last year, accounting for 55% of the value of exports.

The UK, the US, Germany and China accounted for 55% of the value of imports last year, the CSO also noted.