Germany Exports Rebound In February

Business

German exports rebounded at a stronger-than-expected pace in February, data from Destatis showed on Monday.

Exports grew 6.4 percent on a monthly basis, reversing a 3.0 percent fall in January. Shipments were forecast to climb 1.5 percent.

Likewise, imports advanced 4.5 percent in February, in contrast to the 4.0 percent fall a month ago. Economists had expected a monthly growth of 1.4 percent.

As a result, the trade surplus rose to a seasonally adjusted EUR 11.5 billion from EUR 8.9 billion in January. This was also well above the economists’ forecast of EUR 9.6 billion.

On a yearly basis, exports grew 14.4 percent after rising 11.1 percent in the previous month. At the same time, growth in imports moderated to 24.5 percent from 25.9 percent.

The unadjusted trade surplus totaled EUR 11.4 billion versus a EUR 17.9 billion surplus in the same period last year.

In trade with the Russian Federation, exports decreased 6.3 percent and imports dropped 7.3 percent in February compared to January. Trade with Russia was not restricted until late February but sanctions imposed against Russia will impact the trade in March, Destatis said.

Exports to the member states to the EU grew 10.4 percent month-on-month and imports from those nations rose only 5.2 percent. Similarly, shipments to the euro area countries moved up 9.2 percent and imports from currency bloc gained 4.4 percent.

Most German exports went to the United States in February, with goods exports up 2.7 percent. Meanwhile, imports from the U.S. were down 2.5 percent.

At the same time, exports to China increased 6.4 percent and imports from China moved up 4.8 percent.

Source: Read Full Article