German imports rise to highest level in 23 years in February

German imports climbed to their highest level since reunification while exports fell in February, in a sign that domestic demand in Europe’s largest economy is gathering pace.

Figures from the Federal Statistics Office showed seasonally-adjusted imports climbed by 0.4 percent to €77.6 billion, their highest level since the office started compiling seasonally-adjusted data for reunified Germany in January 1991.

Imports had been expected to increase by a smaller 0.1 per cent, according to a Reuters poll.

Exports dropped by a larger-than-expected 1.3 per cent, with economists putting this down to turbulence in emerging markets and the Crimea crisis. They had been forecast to fall by 0.5 per cent.

“Imports grew because consumers are consuming more and companies are investing more. This trend of imports growing more quickly than exports should continue,” said Christian Schulz, senior economist at Berenberg Bank.

Read more: German imports rise to highest level in 23 years in February - Economic News | Ireland & World Economy Headlines |The Irish Times - Wed, Apr 09, 2014