Germany Reports USD17.4B Foreign Trade Surplus in February
(MENAFN) Official data released on Tuesday by the German Federal Statistical Office (Destatis) revealed that Germany posted a foreign trade surplus of €16 billion (USD17.4 billion) in February. The figure was the same as in January, and an increase from €10.7 billion in February 2022. The report shows that Germany's global trade performance remains strong, despite ongoing economic challenges and uncertainties.
Germany's exports increased by 7.6 percent year-on-year to €136.7 billion in February, indicating strong demand for German goods and services in global markets. Meanwhile, imports rose by 3.8 percent to €120.7 billion, reflecting continued demand for foreign goods and services in Germany. The data highlights the importance of global trade for the German economy, which relies heavily on exports and imports to drive growth and create jobs.
Most of Germany's exports in February went to the US, with a value of €14 billion, while the largest amount of imports came from China, totaling €13.6 billion. The significant trade flows between Germany, the US, and China demonstrate the ongoing importance of these countries as major trading partners in the global economy.
However, Germany's shipments to Russia fell dramatically by 59.9 percent from a year ago to €900 million in February, reflecting the impact of ongoing geopolitical tensions and economic sanctions. Imports from Russia amounted to €300 million, according to Destatis data. The decline in trade with Russia highlights the ongoing challenges facing global trade and the impact of political and economic factors on trade flows.
Overall, the data released by Destatis indicates that Germany's global trade performance remains robust, despite ongoing challenges and uncertainties in the global economy. The strong demand for German exports and continued demand for foreign goods and services in Germany underscore the importance of global trade for the country's economy. However, the decline in trade with Russia highlights the ongoing challenges facing global trade and the need for continued vigilance and cooperation to address these challenges.
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