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German exports increased more than anticipated in February, driven by robust demand from the US and China


According to government data, Germany’s exports increased more than anticipated in February as a result of the country’s and China’s robust demand.

According to Destatis, exports rose 4.0 percent from January, when sales rose 2.5 percent. This was the second increase in a row. Additionally, growth outperformed the predicted increase of 1.6 percent.

In contrast to January’s 1.4 percent decline, imports increased by 4.6 percent month over month. The increase of 1.0 percent that was anticipated was much smaller than this.

In February, the commerce balance displayed a consistent surplus of EUR 16.0 billion. Due to widespread expectations that import growth would slow in February, economists predicted that the trade balance would rise to EUR 17.0 billion.

Export growth decreased by more than half, from 12.8 percent in the prior month to 6.3 percent annually. Similarly, imports increased by 2.6 percent, a slower rate than January’s 9.1 percent growth.

As a result, from EUR 12.1 billion during the same period last year, the trade surplus grew to an unadjusted EUR 16.9 billion.
In February, the majority of German exports went to the US, with cargo dispatches increasing by 9.4% from the prior month.

Shipments to China increased by 10.2%% while those to the UK only increased by 2.5%.

The majority of imports into Germany in February came from China, which experienced growth of 6.7 percent, while imports from the US and the UK saw declines of 8.7 percent and 4.0 percent, respectively.

Russian imports fell by 67.2 percent while exports fell 14.3 percent on a monthly basis.

Data revealed that imports from the currency union increased by 3.3 percent while exports to the euro area increased by 1.6 percent.

Source: RTT NEWS
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