"Germany exporting more than ever,"boasts German daily Süddeutsche Zeitung. Despite the crisis, "the German economy exported over €1 trillion in 2011," the paper says. This is historic high, up 11.4% compared with 2010, according to the German Statistics Office. Demand came from all emerging nations, especially China, the paper explains. But with €627 billion, "the EU remains the most important market for German exports," representing nearly two thirds of total exports within the European Union.

Given the situation, Süddeutsche Zeitung notes, "American and French economists had asked the German government to even out its trade balance with the other EU countries". But given that the trade balance between Germany and its European partners was close to even in 2011, it is only partially responsible for the financial imbalance of some European countries, the paper says.

The Financial Times Deutschland, however, sees a "downside to the miracle of German exports". For the paper, "based on imports, the intense economic slowdown in the Eurozone, in Switzerland and in Eastern Europe, weighs on the German economy". Sales abroad dropped by 4.3% between November and December, something not seen since the recession of 2009. This contraction has impeded German growth this winter, the paper says.