Germany's trade surplus widened to a record high in November as exporters shrugged off a sharp rise in the euro and improved the outlook for fourth quarter growth in Europe's largest economy.
Data from the Federal Statistics Office today showed the trade surplus rose to €19.3 billion in seasonally adjusted terms, from a revised €17.3 billion in October.
Despite a sharp appreciation in the euro against the dollar during November, exports outside the European Union were particularly buoyant, rising 37.3 per cent on the year, compared to a rise of 9.4 per cent in exports to EU countries.
German firms have undergone extensive restructuring in recent years while wages have crept up more slowly than in other EU member states, increasing the competitiveness of German business in global markets.
After surging to a record high in October, overall seasonally adjusted exports dipped by 0.5 per cent on the month to €80.5 billion in November. Imports fell by a stronger 3.8 per cent to €61.2 billion, pushed down by lower energy prices.
A spokesman for the office said total exports from Germany, which is expected to have been the world's biggest exporter of goods for a fourth straight year in 2006, had surpassed 2005 levels by the end of November.
Economists had predicted exports would decline by 1.7 per cent on the month, with imports seen down by 0.5 per cent.
The trade figures follow official data on Monday showing a sizeable rise in German manufacturing orders in November, as well as an increase in retail sales.