Germany defended its economic policies on Wednesday against US criticism even as Berlin posted near-record monthly figures for exports and its trade surplus.
Rejecting suggestions that Germany was overdependent on export-led growth, Wolfgang Schauble, the finance minister, said expansion was being led by domestic demand. "This is the driver," he said.
Mr Schauble was speaking during a visit to Berlin by Jack Lew, the US Treasury secretary, who repeated calls made this week for countries with big surpluses to pursue balanced growth.
Addressing a press conference alongside Mr Schauble, Mr Lew said the US had made "very clear" that more domestic demand and investment was important. "We have raised concerns about positive balances in surplus economies generally."
But, striking a conciliatory tone, he added: "It is a difficult balance in Germany as it is in any country."
Mr Schauble said the two men had not met to "give each other lessons" but to develop "mutual understanding".
Mr Lew's stop in Berlin is part of a three-day visit to Europe that also includes France and Portugal. His day in Germany coincided with the country's statistical office releasing external account figures for November showing exports rising 1 per cent year on year to €94.6bn and imports falling 0.4 per cent to €76.5bn.
At €18.1bn, the trade surplus was at its highest since March 2011. The current account surplus rose to $21.6bn from 17.8bn in November 2012. On a seasonally adjusted basis, exports totalled €93.2bn, up from €92.9bn in October, while imports fell 1.1 per cent to €75.4bn from €76.2bn. The seasonally adjusted trade surplus was €17.8bn, the highest since September 2008.
Germany is on track to see a fourth consecutive increase in its annual trade surplus. With a surplus of €183.7bn posted for the first 11 months of 2013, the annual total is almost certain to exceed 2012's level of €189.8bn and come out close to the record €195bn recorded in 2007.
German business sees nothing wrong with these developments, with executives arguing that exports are a sign of strength, not weakness. Anton Borner, president of BGA, a German trade federation, said countries inside and outside Europe which imported German goods profited from the capital goods supplied as they were urgently needed for their economic development.
He forecast that 2014 looked good for German exporters saying: "As the new year proceeds, we can expect more growth."
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FOLLOW USΑκολουθήστε τη σελίδα του Euro2day.gr στο LinkedinMr Lew's comments suggest that Germany's trade partners may not be so pleased.
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