Brandenburg Gate in Berlin, Germany

Germany Trade January 2024

Germany: Merchandise exports rebound sharply in January

Merchandise exports soared 6.3% on a seasonally adjusted month-on-month basis in January (December: -4.5% mom s.a.), the sharpest rise since May 2020. That said, merchandise exports still remain 2.5% below their February 2023 peak, weighed on by rising competition from China and a less competitive manufacturing industry amid rising energy costs. Meanwhile, merchandise imports rose 3.2% (December: -6.7% mom s.a.).

As a result, the merchandise trade balance improved from the previous month, recording a EUR 22.6 billion surplus in January (December 2023: EUR 17.6 billion surplus; January 2023: EUR 11.7 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a EUR 235.8 billion surplus in January, compared to the USD 225.0 billion surplus in December.

On the reading, ING’s Carsten Brzeski said:

“The 6.3% MoM increase in exports was encouraging. However, it came after a very weak December reading and the fact that exports were hardly up on the year should put a cap on the enthusiasm.”

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