GERMAN exports and imports reached record highs last year, according to preliminary figures published by the Federal Statistical Office.

Total exports from Germany were worth 1,279.4 billion euros (US$1,569.2 billion) in 2017, marking an annual increase of 6.3 percent, according to the Wiesbaden-based government statisticians. Imports rose even more by 8.3 percent to a total of 1,034.6 billion euros during the same period, causing the country’s frequently criticized trade surplus versus the rest of the world to decline to 244.9 billion euros.

As a result, 2017 was the first time since 2009 that the German trade surplus shrunk.

After posting another record surplus of 248.9 billion euros in 2016, Berlin became the target of heavy criticism by the Washington-based International Monetary Fund and U.S. president Donald Trump, both accused long-standing German exporting prowess of contributing to imbalances in the global economy.

Ron van het Hof, director of the credit insurer Euler Hermes, told press Thursday that the resilience of German exports could be attributed to their diversity and competitiveness.

“Whenever it comes to high-end products, German products are in demand. This holds true for German know-how in engineering, chemicals and automobiles,” van het Hof said. He added that an important role was also played by small and medium-sized enterprises (SMEs), many of which had achieved global market leadership in their respective niche industries.

At least in absolute terms, the German Federation of Foreign and Wholesale Trade (BGA) expects German exports to break another record again in 2018. The BGA predicts annual growth of five percent for the coming year to a total of 1,340 billion euros.

Nevertheless, BGA president Holger Bingmann also warned that growing protectionism posed a risk to German exports in 2018. (Xinhua)