BERLIN

Germany’s trade surplus climbed to a record high in 2016, official data showed on Thursday, days after US President Donald Trump’s top trade adviser accused Berlin of exploiting a “grossly undervalued” euro to gain advantage over the United States and its European partners.

Chancellor Angela Merkel rejected the charge, saying her government had always called on the European Central Bank to pursue an independent monetary policy.

The surplus is likely to worsen tension between Washington and Berlin, which is trying to safeguard global free trade this year during its presidency of the Group of 20 leading economies, adopting the motto “Shaping an Interconnected World”.

Germany’s trade surplus for 2016 rose to 252.9 billion euros (Dh986.3 billion, $270.05 billion), surpassing the previous high of 244.3 billion euros in 2015, the Federal Statistics Office said.

“The record surplus will continue to fuel the conflict with the USA and within the EU,” said Marcel Fratzscher, head of the DIW economic institute, an advocate of stronger investment in Germany.

“European neighbours would benefit from stronger investment in Germany,” he said. “Germany, however, would profit first and foremost, as the investment gap and the resulting excessive trade surpluses are detrimental to the domestic economy.” Germany’s 2016 current account surplus, which measures the flow of goods, services and investments into and out of a country, surpassed China’s surplus of $210.4 billion euros and hit $284.41 billion, making it the world’s largest.

The United States runs persistent balance of trade and current account deficits and uses foreign capital to finance the difference between domestic investment and domestic savings.

The European Commission and the United States have urged Germany to increase its domestic demand and imports to help reduce global economic imbalances and fuel global growth, including within the Eurozone.

Germany rejects such criticism, saying it has already increased domestic demand by introducing a national minimum wage in 2015 and agreeing to raise pension entitlements in 2016.

In addition, the government has increased state spending on roads, digital infrastructure and asylum seekers while sticking to its goal of keeping a balanced budget.