Germany: Export growth accelerates in March
May 9, 2017
The seasonally- and calendar-adjusted trade surplus fell from EUR 21.2 billion in February to EUR 19.6 billion in March, driven down by accelerating import growth. In March, exports grew 0.4% from the previous month, down from February’s 0.9% expansion. Imports grew 2.4% in March, contrasting the 1.6% contraction in February.
Compared to the same month of the previous year, exports increased 10.8% in March, a marked acceleration from February’s 3.2% increase. Imports also accelerated, growing 14.7% in March following a 3.7% increase in February. In the 12 months up to March, exports grew an annual 3.1%, up from February’s 2.0% increase. The trend was the same for imports, which increased 3.0% after a 1.3% increase in February, pushing down the 12-month trade balance from EUR 250.5 billion to EUR 247.0 billion in March.
In a recent statement, the Federation of German Wholesale, Foreign Trade and Services (BGA) commented that it was positively surprised by March’s trade figures. According to the BGA, Germany’s export sector has showed a remarkable resilience in the face of global political and economic uncertainty. The BGA nevertheless stressed that risks remained high.
Author: Christopher Mc Innes, Economist