Germany's exports dip 2% MoM, 4.4% YoY in February 2024

Exports decreased by 4.4 per cent year on year (YoY) and imports by 8.7 per cent YoY during the month, the Federal Statistical Office (Destatis) reported based on provisional data.

After calendar and seasonal adjustment, Germany exported goods worth €132.9 billion (~$144.26 billion) and imported goods worth €111.5 billion (~$121 billion) in February.

The foreign trade balance showed a surplus of €21.4 billion (~$23.22 billion) in the month. The calendar- and seasonally-adjusted surplus stood at €27.6 billion (~$29.96 billion) in January and €16.9 billion (~$18.34 billion) in February this year, a Destatis release said.

On a calendar- and seasonally-adjusted basis, Germany exported goods worth €72.9 billion (~$79.13 billion) to member states of the European Union (EU) in February, while it imported goods worth €57.5 billion (~$62.41 billion) from these countries in the month.

Calendar- and seasonally-adjusted exports to the EU countries dropped by 3.9 per cent MoM and imports from these countries fell by 5.7 per cent MoM in February.

The value of the goods exported to euro area countries in February totalled €50.8 billion (minus 3.6 per cent MoM) and the value of the goods imported from these countries was worth €38.1 billion (minus 4.7 per cent MoM).

In February, goods to the value of €22.1 billion (minus 4.6 per cent MoM) were exported to EU countries not belonging to the euro area, while the value of the goods imported from these countries was €19.4 billion (minus 7.7 per cent MoM) on a calendar- and seasonally-adjusted basis.

Exports of goods to countries outside the EU (third countries) amounted to €60 billion (~$65.13 billion) in February, while imports from these countries totalled €54 billion (~$58.61 billion) on a calendar- and seasonally-adjusted basis. Exports to third countries increased by 0.4 per cent MoM and imports from third countries rose by 14.7 per cent MoM.

Most German exports in February went to the United States. After seasonal and calendar adjustment, exports of goods to the United States were up by 10.2 per cent MoM, with the value rising to €13.8 billion.

Exports to China decreased by 0.6 per cent to €8 billion and exports to the United Kingdom fell by 2 per cent to €6.6 billion.

Most imports in February came from China. Goods to the value of €12.1 billion were imported from there, which represented a 16 per cent MoM increase after calendar and seasonal adjustment.

Imports from the United States decreased by 5.2 per cent to €7.4 billion. Imports from the United Kingdom dropped by 4.6 per cent to €3.1 billion during the month.

In February, exports to Russia increased by a calendar- and seasonally-adjusted 1.5 per cent MoM to €0.7 billion and fell by 24 per cent YoY. Imports from Russia rose by 23.5 per cent MoM to €0.2 billion in the month and were down by 36.2 per cent YoY.

Fibre2Fashion News Desk (DS)