German exports up 0.9% MoM, 1.2% YoY in March 2024

Provisional data by Destatis show exports in the month increased by 1.2 per cent year on year (YoY), while imports dropped by 3 per cent YoY.

After calendar and seasonal adjustment, Germany exported goods worth €134.1 billion (~$144.4 billion) and imported goods worth €111.9 billion (~$120.46 billion) in March this year.

The foreign trade balance showed a surplus of €22.3 billion (~$24 billion) in the month. The calendar- and seasonally-adjusted surplus stood at €21.4 billion (~$23 billion) in February this year and €17.2 billion in March 2023.

On a calendar- and seasonally-adjusted basis, Germany exported goods worth €73.3 billion (~$79 billion) to the member states of the European Union (EU) in March this year, while it imported goods worth €58.8 billion (~$63.3 billion) from these countries.

Compared with February this year, calendar- and seasonally-adjusted exports to EU countries rose by 0.5 per cent and imports from these countries increased by 1.5 per cent.

The value of the goods exported to euro area countries totalled €50.8 billion (~$54.68 billion) in March this year—unchanged from February, and the value of the goods imported from these countries was €39.1 billion (~$42 billion)—a rise of 2 per cent month on month.

In March, goods worth €22.5 billion were exported to EU countries not belonging to the euro area, while the value of the goods imported from these countries was €19.7 billion on a calendar-and seasonally-adjusted basis.

Exports of goods to countries outside the EU amounted to €60.9 billion (~$65.56 billion) in March this year, while imports from these countries totalled €53.1 billion (~$57.16 billion) on a calendar- and seasonally-adjusted basis.

Exports to third countries in the month increased by 1.3 per cent MoM and imports from those countries fell by 1.1 per cent MoM.

Most German exports in March this year went to the United States. After seasonal and calendar adjustment, such exports were up by 3.6 per cent MoM, with the value rising to €14.3 billion (~$15.4 billion).

Exports to China increased by 3.7 per cent MoM to €8.3 billion and exports to the United Kingdom declined by 3.8 per cent MoM to €6.4 billion.

Most imports in March came from China. Goods worth €13.7 billion were imported from there in the month, which represented a 14.3 per cent MoM increase after calendar and seasonal adjustment.

Imports from the United States rose by 2.7 per cent MoM to €7.6 billion. Imports from the United Kingdom dropped by 10 per cent MoM to €2.8 billion during the same period.

Exports to Russia declined a calendar- and seasonally-adjusted 14.8 per cent MoM and 35.3 per cent YoY to €0.6 billion in March. Imports from Russia fell by 16.3 per cent MoM and 45.9 per cent YoY to €0.2 billion in March.

Fibre2Fashion News Desk (DS)