Mar 2022 German exports down 3.3% over Feb figure, rise 8.1% YoY

Based on provisional data, the Federal Statistical Office (Destatis) reported that compared with February this year, exports to the EU countries in March dropped by 1.7 per cent and imports from those countries by 3 per cent.

Goods worth €45.6 billion (minus 2.9 per cent) were exported to the euro area countries in the month, while the value of the goods imported from those countries was €39.2 billion euros (minus 3 per cent).

Goods to the value of €21.0 billion (plus 0.9 per cent) were exported to EU countries not belonging to the euro area, while the value of the goods imported from those countries was €17.5 billion (minus 3 per cent).

Compared with February 2022, exports to the Russian Federation in March decreased by 62.3 per cent to €0.9 billion due to sanctions imposed as a result of Ukraine's war with Russia, further measures to restrict exports and unsanctioned behaviour of market participants. Imports from Russia declined by 2.4 per cent to €3.6 billion in the month.

The foreign trade balance showed a surplus of 3.2 billion euros in March 2022.

Exports of goods to countries outside the EU (third countries) amounted to €54 billion in March this year, while imports from those countries totalled €60.7 billion. Compared with February, exports to third countries decreased by 5.1 per cent, while imports from those countries increased by 10.1 per cent.

Most German exports went to the United States in March, with goods exports up by 3.2 per cent over February. As a result, exports to the United States rose to €11.5 billion. Exports to China declined by 4.3 per cent to €9.1 billion and exports to the United Kingdom fell by 3.9 per cent to €5.5 billion.

Most imports to Germany in March 2022 came from China. Goods to the value of €16.3 billion were imported from there, which was a 15.8 per cent increase compared with the previous month. Imports from the United States rose by 6.3 per cent to €6.8 billion. Imports from the United Kingdom increased by 40.8 per cent to €3.7 billion in the same period.

Germany exported goods worth €137.4 billion and imported goods worth €127.7 billion on a nominal basis in March. Compared with March 2021, exports increased by 8.1 per cent and imports by 20.1 per cent.

Fibre2Fashion News Desk (DS)