Germany: Exports rise slightly in March
May 10, 2013
In March, the seasonally adjusted trade balance registered a EUR 17.6 billion surplus, which came in below the EUR 17.7 billion surplus recorded in February.
Exports rose a seasonally and working-day adjusted 0.5% over the previous month. The figure contrasted the revised 1.2% drop recorded in February (previously reported: -1.5% month-on-month) but matched market expectations. Imports followed suit and increased 0.8% over the previous month, contrasting the 3.9% fall observed in February.
Compared to March last year, overseas sales declined 4.2%, following the 2.9% contraction in February. Consequently, in the 12 months up to March, exports grew 1.7% to EUR 1.1 trillion. Imports shrunk 6.9% year-on-year in March, which followed the 6.0% decrease observed in February. Accordingly, in the 12 months up to March, imports declined 1.1%.
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