German import and export values decreased more than expected

According to the statement made by the German Federal Statistical Office (Destatis), calendar and seasonally adjusted exports decreased by 5.2 percent in March compared to the previous month. The market expectation was that the decrease would be 2.2 per cent. Exports were up 5.0 percent compared to the same month last year and totalled 129.7 billion euros.

In the same month, imports decreased by 6.4 per cent m-o-m to 113.0 billion euros. The market expectation was that the decrease would be 2.1 per cent. Imports decreased by 5.5 per cent on an annual basis.

Exports from Germany to the European Union amounted to 69.3 billion euros, while imports totalled 60.0 billion euros. Exports to countries outside the EU were 60.4 billion euros, while calendar and seasonally adjusted imports from these countries were 53.0 billion euros.

Thus, the foreign trade surplus was announced as 16.7 billion euro, below the market forecast of 19.0 billion euro.