German exports surge 18.5 percent in 2010

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German exports surge 18.5 percent in 2010,[link widoczny dla zalogowanych]
German exports surged 18.5 percent and imports rose 20 percent in 2010 over the previous year due to a solid recovery powered by strong global and domestic demand, official data showed Wednesday.The Wiesbaden-based Federal Statistical Office said Germany exported 951.9 billion euros (1.3 trillion dollars) worth of goods and services last year, and its imports reached 797.6 billion euros.Boosted exports made the country's trade surplus jump to 154.3 billion euros in 2010, from 138.7 billion in 2009, the office said.
Germany, the world's second-largest exporter after China,[link widoczny dla zalogowanych], registered a stunning 3.6-percent growth last year,[link widoczny dla zalogowanych], the fastest in two decades. Due to climbing global demand and warming domestic market, the country's exports bounced back from the financial crisis and withstood the impact of the European sovereign debt crisis.Within the European Union (EU), German exports surged 14 percent to 570.6 billion euros,[link widoczny dla zalogowanych], while imports rose 17.5 percent.
Shipments to non-European countries also climbed 26 percent last year, with the United States, China, and some other emerging economies as major destinations. Imports from outside the EU also grew 24.7 percent.In the eurozone, Germany dispatched commodities worth 386.2 billion euros,[link widoczny dla zalogowanych], up 12.7 percent from 2009. Imports from these countries gained 16.7 percent.
In December however, seasonally-adjusted exports rose only 0.5 percent month on month. Analysts had predicted that the increase would hit 1 percent. Imports in that month also dropped 2.3 percent,[link widoczny dla zalogowanych], reversing a 4.1 percent rise in November.On a yearly basis,[link widoczny dla zalogowanych], December's exports jumped 21 percent and imports up 26.8 percent.
Brazil announces bigger budgetary cut
The Brazilian government said Wednesday it will cut federal budget by about 30 billion U.S. dollars this year, more than twice of that of 2010 and equivalent to 1.2 percent of the country's GDP.Through such cuts,[link widoczny dla zalogowanych], the government is withdrawing the stimuli granted in the past few years to counter global financial crisis,Finance Minister Guido Mantega told reporters,[link widoczny dla zalogowanych], while promising that both government investment and social programs won't be affected.
"Today, (Brazil's) economy is growing and the demand is strong. We are withdrawing those stimuli," he said.Mantega said the cuts will help the government achieve the primary surplus target set for this year,[link widoczny dla zalogowanych], as well as allow the central bank, when it is possible, to cut the annual basic interest rate of Selic,[link widoczny dla zalogowanych], which is currently at 11.25 percent.
The cuts won't bring the economy down, but instead will make economic growth more sustainable, he said.The minister expected the economy to grow by 5 percent in 2011, which is 2.5 percent less than that of last year but is still "good" for the South America's largest economy.
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