Foreign trade in Germany had a surplus of 22.3 billion euros
While Germany’s exports increased above expectations by 0.9 percent in March, the country’s foreign trade surplus reached 22.3 billion euros.
Germany’s Federal Statistical Office (Destatis) announced the country’s foreign trade figures for March. Accordingly, seasonal and calendar adjusted exports in Germany increased by 0.9 percent in March compared to the previous month, reaching 134.1 billion euros.
The expectation for March export data was that it would increase by 0.4 percent compared to the previous month. It was noteworthy that the increase in exports was primarily due to the good business going in the USA and China.
Germany’s exports to China, its most important trading partner, increased by 3.7 percent in March compared to the previous month, reaching 8.3 billion euros. Imports from China increased by 14.3 percent, reaching 13.7 billion euros.
During the said period, exports to the USA increased by 3.6 percent to 14.3 billion euros, and imports from the USA increased by 2.7 percent to 7.6 billion euros.
Imports also increased
Germany’s exports to EU member countries increased by 0.5 percent in March, reaching 73.3 billion euros.
Imports in the country for March increased by 0.3 percent to 111.9 billion euros.
Thus, Germany’s foreign trade surplus adjusted for seasonal and calendar effects was approximately 22.3 billion euros. The foreign trade surplus was recorded as 17.2 billion euros in March 2023.
While the country’s exports increased by 1.2 percent on an annual basis in March, imports decreased by 3 percent.
58.8 billion euros of Germany’s March imports were from the EU. Compared to February, imports from EU countries increased by 1.5 percent.