Germany: Merchandise exports increase at a slower rate in December
Merchandise exports climbed 5.9% on an annual basis in December (November: +14.0% year-on-year). The result marked the softest expansion since February 2021. Meanwhile, merchandise imports rose 3.2% on an annual basis in December (November: +15.5% yoy), marking the weakest result since February 2021.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 9.7 billion surplus in December (November 2022: USD 11.3 billion surplus; December 2021: USD 6.3 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 14.1 billion surplus in December, compared to the USD 14.9 billion surplus in November.