Germany's foreign trade surplus dips to 4-month low in February

(MENAFN) In February, Germany's foreign trade surplus saw a decline to €21.4 billion (USD23.2 billion), marking a four-month low, according to official data released on Monday. This figure represented a decrease from the record high of €27.6 billion recorded in January but was an improvement from €16.9 billion reported in February 2023, as indicated by Destatis data.

The decline in the trade surplus was attributed to a 4.4 percent decrease in German exports compared to the previous year, amounting to €132.9 billion in February, while imports experienced a sharper drop of 8.7 percent, totaling €111.5 billion.

Month-on-month, exports decreased by 2 percent while imports saw a 3.2 percent increase. Notably, Germany's exports to non-EU countries saw a slight uptick of 0.4 percent month-on-month, reaching €60 billion, while imports surged by 14.7 percent to €54 billion.

The United States emerged as the primary destination for German exports in February, with shipments valued at €13.8 billion, representing a notable increase of 10.7 percent from the previous month. However, exports to China experienced a slight decrease of 0.6 percent, amounting to €8 billion, while exports to the United Kingdom also saw a decline of 2 percent, totaling €6.6 billion.

Conversely, China remained Germany's largest source of imports, accounting for €12.1 billion, reflecting a substantial surge of 16 percent from the previous month. Meanwhile, trade with Russia saw declines, with exports to Russia decreasing by 24 percent year-on-year to €700 million, and imports from Russia experiencing a sharp decline of 36.2 percent, totaling €200 million during the same period.

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