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Germany reports record international trade figures for March

Imports and Exports | | MIC Customs Solutions |

Germany's international trade figures hit a new record high in March 2017.


Germany reported its best ever import and export figures during March 2017, underlining the ongoing strength of Europe's biggest economy.

Data from the country's Federal Statistics Office showed that exports for the month rose by 0.4 per cent to €118.2 billion, while imports jumped up by 2.4 per cent to €92.9 billion. Both figures were the best on record, representing year-on-year increases of 10.8 per cent and 14.7 per cent, respectively.

Having experienced its strongest economic growth performance in six years in 2016, Germany is enjoying robust consumer demand, coupled with healthy overseas sales of German-made goods.

The nation's trade surplus reached a record high in 2016 and now stands at €25.8 billion, which is just below the high watermark seen in March last year. 

Anton Boerner, head of Germany's BGA trade association, said: "German exports had an impressive first quarter. It is astonishing how the German economy is defying global risks, whether politically or economically."

The country's quarterly economic growth data will be released later this week and is now expected to reach 0.6 per cent for the first quarter, up from 0.4 per cent in the fourth quarter of 2016.


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MIC - Customs and Trade Compliance Software Solutions worldwide

Multinational companies are facing greater compliance challenges when addressing the continuously evolving international legal requirements. Customs and trade compliance management has a significant impact on production location and purchasing decisions, delivery times, cost savings and competitive advantages. Thus, it is crucial to establish processes that are accurately, effectively, and efficiently managed utilizing proven global IT solutions.

The international requirements for companies regarding customs and trade compliance management are complex and subject to ongoing legal changes covering a multitude of topics, such as: Correct product classification, compliance with export control regulations, numerous sanction list screenings, calculation of origin based on ratified free trade agreements, supply chain security initiatives, and management of special customs regimes as part of the import and export clearance processes. In addition, country-specific legal requirements that include legislative and technical changes make it increasingly difficult to completely fulfill the requirements of international customs and trade compliance.

A partnership with MIC strengthens a company’s ability to deal with the daily operational challenges of international customs and trade compliance management. MIC has a trendsetting Global Trade Management (GTM) software solution that allows companies to standardize and automate their customs and trade compliance processes. MIC’s software solution is available on 6 continents and can be configured according to the company’s specific needs to significantly improve legal compliance, thus saving time, money, and eliminating future business disruptions.

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Global part master data management with increased degree of automation in customs tariff & export control classification of products based on regularly updated national customs tariffs and export control commodity lists.

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There are various customs regulations and requirements programs throughout the world. Examples include ACE, FTZ and Duty Drawback in the USA, IMMEX in Mexico, the Union Customs Code (UCC) in the EU (and its various national characteristics), the Free Zone in Thailand, and the China Single Window. All of these have the objective of making customs procedures simpler, more modern and more efficient.

MIC Global Trade Management (GTM) software helps companies maintain international visibility and to take advantage of these program changes in legislation. We know the intricacies of national and regional customs and export control requirements. Our software takes account of the respective regulations and uses similarities in global customs and export control law. This is done in 55+ countries on 6 continents with regularly updated trade content for 150+ countries. In addition, our data analytics & visualization tool enables improved decision making by identifying optimization potentials and supply chain trends across global customs and trade compliance processes. As a result, global business processes can be designed and automated more efficiently. This not only increases compliance, but also saves time, money and increases global competitiveness.

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