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TRADE

German trade surplus jumps in April

German exports in April were up by a substantial 14 percent, according to the German national statistics office, Destatis, on Monday.

Published: 9 June 2008 08:50 CEST
German trade surplus jumps in April
Photo: DPA

Destatis reports that the world’s third largest economy increased exports by 13.9 percent to €89.8 billion in the last year from the previous year.

Imports rose by 11.7 percent to €71 billion during the same time period.

The month of March had an increase in exports of just 1.2 percent, while imports sank by 2.1 percent.

The country’s export trade surplus closed in April at €18.7 billion, compared to €15.2 billion in the previous year, well above analyst forecasts despite slowing economic activity.

The positive trade figures contrast with industrial production data released on Friday that showed a surprise decrease in April. Industrial orders are also down for the fifth straight month. This combination could mean the economy is headed for a slowdown despite strong numbers in the first quarter.

afp/ddp

TRADE

Norway and UK strike post-Brexit trade deal

Norway and the United Kingdom have struck an agreement on a free trade deal, the Norwegian government announced on Friday.

Published: 4 June 2021 13:51 CEST
Norway and UK strike post-Brexit trade deal
Erna Solberg outside 10 Downing Street in 2019. (Photo by LUDOVIC MARIN / POOL / AFP)

Negotiations over the agreement have been ongoing since last summer, and the Norwegian government said that the deal is the largest free trade agreement Norway has entered into, outside of the EEA agreement. 

“The agreement entails a continuation of all previous tariff preferences for seafood and improved market access for white fish, shrimp, and several other products,” the Ministry of Trade and Industry said in a statement.  

One of the sticking points of the negotiations was Norway wanting more access to sell seafood in the UK, while the UK wanted more access to sell agricultural products like cheese.

The latter was a problem due to Norway having import protection against agricultural goods. 

“This agreement secures Norwegian jobs and value creation and marks an important step forward in our relationship with the UK after Brexit. This is a long-term agreement, which at the same time helps to accelerate the Norwegian economy,” Prime Minister Erna Solberg said in a statement.  

 The United Kingdom is Norway’s second most important single market, after the EU. In 2020 Norwegian companies exported goods worth 135 billion kroner to the UK and imported around 42 billion kroner of goods from the UK. 

Norway has given Britain 26 quotas on agricultural products, but not for mutton and beef. The agreement does not increase the UK’s cheese quotas, state broadcaster NRK have reported. 

The agreement will still need to be signed by both the Norwegian and UK parliament. 

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