Germany delivered a record foreign trade surplus in 2014 with $285 billion (220 billion euros), according to data collected by the Munich-based IFO Institute for Economic Research.Germany's foreign trade surplus increased by 30 billion euros in 2014.China, home to the world's largest population of 1.5 billion and the world's biggest manufacturer, recorded $150 billion foreign trade surplus in 2014. The world's largest oil exporter, Saudi Arabia, ranked second behind China, recording $100 billion. These figures prove the strength and competitiveness of German industry since the country's population ranks 16th in the world and the country has a relatively small labor force and domestic market to maintain an economy of this size. Meanwhile, Germany is a major importer of energy resources in the world.IFO Institute expert Steffen Henzel said that the increase in German foreign trade surplus is due to the increase in demand for German products from countries like the U.S. and the U.K, and decreasing oil prices.Emphasizing that the surplus accounts for 7.5 percent of German economy, Henzel stated that this rate will increase to 8 percent and reach $240 billion in 2015.