BERLIN (Reuters) – German exports rose more than expected in January, rebounding from a slump the previous month on strong demand from the United States and Britain.
German exports rose 2.1% in January, data from the Federal Statistics Office (ONS) showed on Friday, while analysts polled by Reuters had forecast a 1.5% rise.
Exports to the United States rose 3.1% in the month and those to Britain by 7.8%, the data showed.
Exports to Russia rose 12.3% in January from December, seasonally adjusted, while imports from Russia fell 36.7% on the month.
Imports fell 3.4% compared to December, against a 2.0% increase expected by analysts.
Most of Germany’s imports came from China, amounting to 12.7 billion euros.
The foreign trade balance showed a surplus of 16.7 billion euros in January, against 10 billion euros in December.
Supply chain issues, the energy crisis and geopolitical risks are expected to weigh on exporting companies this year.
The Chamber of Commerce and Industry in Germany (IHK) forecasts real export growth of 2.5% in 2023, one point below the average growth of the previous decade.
(Report Paul Carrel and Maria Martinez; Lina Golovnya, edited by Kate Entringer)
Copyright © 2023 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
