Germany's trade surplus grew more than expected in January after a surprisingly big drop in imports, Federal Statistics Office data shows.
In seasonally adjusted terms, the surplus was €15.7 billion, compared with an upwardly revised €14.8 billion in December. Economists had forecast a January surplus of €15 billion.
Exports rose 0.1 per cent on the month in adjusted terms to €78.7 billion, while imports fell 1.5 per cent to €63 billion. Economists had predicted exports would rise 0.5 per cent on the month, with imports seen down 0.4 per cent.
Joerg Loeschow, an economist at WestLB, said exports were still at a very high level in January and would continue to support economic growth this year.
"The outlook for exporters remains positive because global growth is still strong, the euro is not strengthening further and price competitiveness is high," he said.
Germany has profited from several years of solid global growth, selling record volumes of cars, chemicals, machinery and other products to customers abroad.
BMW said yesterday it was raising its dividend by more than 9 per cent after record 2006 earnings.