German Export Economy Gathers Speed

The German Federal Statistics Office released figures on Wednesday indicating that Germany's exporter are once again doing better. In January this year, Germany exported goods worth €55.7 billion, up by 4.4 percent compared to last year. Meanwhile imports sank surprisingly by 2.2 percent to €43.4 billion. However, the good news was marred by the strong euro, which led exports to countries outside the European Union only grew by a mere 2.3 percent. Foreign trade closed with a profit of €12.3 billion in January this year as apposed to €9.0 billion last January. President of the Federation of German Wholesale and Foreign Trade (BGA), Anton Börner spoke of a bright start of the year to the German export economy, but at the same time warned of overrating the success. "The people and politicians still underestimate the dynamics of globalization and the corresponding competition pressure on companies." Börner urged politicians to intensify the reform course and said, "in addition we need clear, perhaps unpopular, corrections in labor law and in the social system to secure prosperity in Germany."