The sharpest drop in German imports since the pandemic
Germany’s exports and imports fell more than expected.
According to the statement made by the German Statistical Office (Destatis), calendar and seasonally adjusted exports in March decreased by 5.2 percent compared to the previous month. The market expectation was that the decrease would be 2.2 percent. Exports increased by 5.0 percent compared to the same month of the previous year and became 129.7 billion euros.
Sharp decline in imports
In the same month, imports decreased by 6.4 percent month on month to 113.0 billion euros. The market expectation was that the decrease would be 2.1 percent. Imports fell by 5.5 percent year-on-year.
While exports from Germany to the European Union amounted to 69.3 billion euros, imports amounted to 60.0 billion euros. While exports to countries outside the EU were 60.4 billion euros, imports from these countries, adjusted for calendar and seasonal effects, were 53.0 billion euros.
Thus, the foreign trade surplus market forecast of 19.0 billion euros underwas announced as 16.7 billion euros.