German Exports Up Strongly on the Month, But Still Well Below Pre-Pandemic Level

9 March 2021

By David Barwick – FRANKFURT (Econostream) – German exports climbed a seasonally and calendar-adjusted 1.4% on the month in January, the German Federal Statistical Office said Tuesday.

Imports were down 4.7% in January compared to December. Compared to last February, the last period before the outbreak of the pandemic, exports this February were down a seasonally and calendar-adjusted 3.3%, with imports off 5.2%.

The foreign trade surplus in January was at a seasonally and calendar-adjusted €22.2 billion, while Germany's current account balance stood at €16.9 billion.

According to Statistical Office data, exports to China were up 3.1% on the year, while those to the U.S. decreased by 6.2%. In absolute terms, exports to China in January had a value of €7.5 billion, versus €8.5 billion of exports to the U.S.

Imports from China meanwhile were up 1.1% on the year to €10.5 billion, whereas imports from the U.S. were down 22.8% to €4.7 billion.