German trade surplus may rise to new high this year

Berlin

GERMANY'S trade surplus is expected to rise to a new record in 2015 thanks to falls in the prices of imported oil and gas, Der Spiegel reported on Saturday. The Finance Ministry is estimating a trade surplus of 8.1 per cent of economic output after 7.6 per cent last year, the magazine said, citing an internal ministry document.

The lower cost of imports of oil and gas is expected to boost the trade balance by around 1.2 per cent alone, the document said. Without the decline in oil and gas prices, the trade surplus would have fallen compared with the previous year.