Tuesday, September 6, 2016

Germany overtaken China in exports surplus – tagesschau.de

This year, Germany will take over as calculated by the Ifo Institute, China as a country with the world’s largest export surplus again. However, the EU is extremely critical and the United States denounce the excesses of a risk to global financial stability.

Germany will, according to calculations by the Ifo Institute China this year replace as a country with the world’s largest trade surplus. The German current account surplus summing up in 2016 is expected to 310 billion dollars said Ifo expert Christian Grimme Reuters. That would be $ 25 billion more than 2015. China, however, is expected an increase of about $ 260 billion have. Ranked three follow Japan with around 170 billion.

“The German surplus is due to the trade in goods”, Grimme said. In the first half year exceeded the exports, imports by 159 billion dollars. The main driver was the increase in demand for goods from Europe. In the current account in addition to the trade in goods flow, all other transfers with foreign countries – from services to aid

complaint by the European Commission -. Criticism from the United States

the German surplus will rise to 8.9 percent of economic output in the current year, the Ifo institute predicts. The European Commission already classifies values ​​of lasting more than six per cent as a stability-endangering. It criticizes the Federal Government therefore regularly and recommends you to invest more and so to strengthen domestic demand, whereby the surplus would shrink.

The US Treasury denounces the German surpluses risk opportunities for global financial stability. The main argument is that countries with large surpluses contribute that other states to borrow heavily to finance their imports

OECD appeal to Germany

the industrial nations organization OECD reserves development in view. “We are concerned about the global imbalances,” said OECD expert Andres Fuentes to Reuters. “Germany can help to reduce it.” This could be done for example by boosting domestic investment. So the energy tax exemptions for export-oriented industrial companies could be gradually reduced. . The strength incentives “to invest in energy efficiency and promote the transition to new technologies and products”

China’s current account surplus is likely to shrink this year by about $ 70 billion – mainly because of weaker exports. They fell alone in the first quarter by 35 billion from less than a year ago. “Stronger declines were the last time recorded in the 2008/2009 financial crisis,” said Ifo expert Grimme.


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