(MENAFN) According to the federal statistical authority of Germany, the country's foreign trade balance recorded a surplus of USD29.87 billion in January, marking the beginning of the year with a positive economic indicator. This surplus reflects the balance between the value of exports and imports, indicating Germany's robust position in international trade.

In January 2024, Germany's exports amounted to €135.6 billion, representing a modest increase of 0.3 percent compared to the previous year. Meanwhile, imports declined by 8.3 percent to €108 billion during the same period, reflecting fluctuations in domestic demand and global trade dynamics.

The distribution of Germany's trade flows reveals interesting insights into its economic relationships with both EU and non-EU countries.

Exports to EU member states totaled €75.8 billion in January, indicating the significant volume of trade conducted within the European bloc. On the other hand, imports from EU countries amounted to €61.2 billion, reflecting Germany's role as a major importer within the European market.

Exports to non-EU countries reached €59.7 billion, highlighting the diversity of Germany's export destinations. Similarly, imports from non-EU nations stood at €46.8 billion, underlining the country's engagement with global trade partners beyond the confines of the European Union.

The trade data also sheds light on Germany's bilateral trade relations with specific countries, including Russia. In January, Germany experienced a notable decline in exports to Russia, which dropped by 34.2 percent year-on-year to €700 million. Imports from Russia also witnessed a substantial decrease, plummeting by 82.4 percent to €200 million during the same period.

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