German Exports Hit Record High in 2012 on Non-European Demand

Friday, 08 Feb 2013 08:17 AM

 

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Exports from Germany, Europe's biggest economy, hit a record high of nearly 1.1 trillion euros ($1.5 trillion) last year thanks to strong demand from outside Europe.

The Federal Statistical Office said Friday that exports grew 3.4 percent, driven by an 8.8 percent increase in sales of goods and services to countries outside the European Union. Exports to other countries in the 17-country eurozone, where several countries are in recession, were down 2.1 percent. Overall exports to the 27-nation EU dipped 0.3 percent.

The previous record for exports was set in 2011, when they totaled 1.06 trillion euros. German imports were up a more modest 0.7 percent last year to 909.2 billion euros.

Exports have been a traditional motor of growth for the German economy.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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