German exports rise in January on robust US demand

GERMAN exports rose by more than expected in January, increasing 2.1 per cent on the month to bounce back from the prior month’s slump thanks to strong demand from the United States and the United Kingdom, data showed on Friday (Mar 3).

Exports to the US were up 3.1 per cent on month and exports to the UK increased 7.8 per cent in January compared to December, the data showed.

A Reuters poll had predicted a month-on-month rise in overall exports of 1.5 per cent.

Imports fell by 3.4 per cent compared with December, the federal statistics office reported, versus analysts expectations for a 2.0 per cent rise.

The foreign trade balance showed a surplus of 16.7 billion euros (S$23.9 billion) in January, up from 10.0 billion euros in December, both in calendar and seasonal adjusted terms.

Supply chain problems, the energy crisis and geopolitical risks are expected to take their toll on exporting companies this year. The German Chamber of Commerce and Industry DIHK forecasts real export growth of 2.5 per cent in 2023, one point below the average growth during the previous decade.

The statistics office publishes more detailed economic data on its website. REUTERS