Germany: Exports expand faster than expected in January
March 11, 2013
In January, the seasonally adjusted trade balance recorded a EUR 15.7 billion surplus, which came in below the EUR 16.9 billion surplus recorded in December and was broadly in line with market expectations that had the trade surplus narrowing to EUR 15.8 billion.
Exports rose in January a seasonally and working-day adjusted 1.4% over the previous month, which overshot both the 0.2% increase tallied in December and market expectations, which had exports rising 0.5%. Meanwhile, imports swung from a 1.5% drop in December to a 3.3% expansion in January.
Compared to the same month last year, shipments increased 3.1% in January, which contrasted the 6.9% contraction recorded in December. As a result, in the 12 months up January, exports increased 3.0% to EUR 1.1 trillion. Imports followed suit and grew 2.9%, which contrasted the 7.3% drop registered in December. Consequently, in the 12 months up to January, imports increased 0.6% (December: +0.7% year-on-year).
The Federation of German Wholesale, Foreign Trade and Services (BGA) expects export growth to strengthen and expand 5% to reach EUR 1.2 trillion.
Author: Ricardo Aceves, Senior Economist