Christian Odendahl writes:
The soaring export demand from Europe for German products is one of those often-heard truisms about the euro crisis that is actually false.
What did change massively, however, were Germany’s imports from the euro area as measured by market share. The collapse in German import share is a sign of a weakening domestic economy. The German current-account surplus vis-à-vis the rest of the euro area was therefore accompanied by import contraction, not unusually high export growth. Wherever the German savings recycling took place, it was not in the euro zone.
The full post is here.