Germany's Jan exports up 0.3% YoY; imports drop 8.3% YoY: Destatis

Exports during the month increased by 0.3 per cent year on year (YoY) and imports fell by 8.3 per cent YoY, the Federal Statistical Office (Destatis) reported.

After calendar and seasonal adjustment, Germany exported goods worth €135.6 billion (~$147.7 billion) and imported goods worth €108 billion (~$117.63 billion) in January.

The foreign trade balance thus showed a surplus of €27.5 billion (~$29.95 billion) in January. The calendar- and seasonally-adjusted surplus stood at €23.3 billion (~$25.38 billion) in December 2023 and €17.3 billion (~$18.84 billion) in January last year.

On a calendar- and seasonally-adjusted basis, Germany exported goods worth €75.8 billion (~$82.57 billion) to the member states of the European Union (EU) in January this year, while it imported goods worth €61.2 billion (~$66.66 billion) from these countries.

Calendar- and seasonally-adjusted exports to EU countries rose by 8.9 per cent MoM and imports from these countries increased by 10.8 per cent MoM.

The value of the goods exported to euro area countries totaled €52.7 billion (~$57.4 million)--a rise of 7.7 per cent, and the value of the goods imported from these countries was €40.4 billion (~$44 billion)—a rise of 10.2 per cent.

Goods to the value of €23.2 billion (~$25.27 billion) were exported to EU countries not belonging to the euro area—a rise of 11.7 per cent, while the value of the goods imported from those countries was €20.8 billion (~$22.66 billion)—a rise of 12 per cent.

Exports of goods to non-EU countries amounted to €59.7 billion (!$65.04 billion) in January this year, while imports from these countries totalled €46.8 billion (~$60 billion) on a calendar- and seasonally-adjusted basis.

Most German exports went to the United States in January, with goods exports down by 1.7 per cent MoM after seasonal and calendar adjustment. The value of exports to the United States, thus, dropped to €12.5 billion (!$13.61 billion).

Exports to China increased by 7.8 per cent to €8.1 billion (~$8.82 billion), and exports to the United Kingdom fell by 8.1 per cent to €6.8 billion (~$7.4 billion).

Most imports to Germany came from China in the month. Goods to the value of €10.4 billion (11.33 billion) were imported from there, which represented an 11.1-per cent MoM decrease after calendar and seasonal adjustment.

Imports from the United States decreased by 5.2 per cent to €7.8 billion (~$8.5 billion). Imports from the United Kingdom increased by 18.4 per cent to €3.1 billion (~$3.37 billion) during the month.

Fibre2Fashion News Desk (DS)