German exports to the USA continue to grow.
(Photo: IMAGO/Chris Emil Janssen)
Berlin German exporters got off to a surprisingly good start to the year, also thanks to strong demand from their most important customer, the USA. Their exports grew in January by 2.1 percent compared to the previous month to 130.6 billion euros, as the Federal Statistical Office announced on Friday.
Economists polled by the Reuters news agency had only expected growth of 1.5 percent after a 6.3 percent slump in December. Imports, on the other hand, fell by 3.4 percent to 113.9 billion euros, the fifth month in a row. Growth of 2.0 percent had been expected here.
Exports to the EU countries increased in January by 0.7 percent compared to the previous month to 71.9 billion euros. The USA remained the number one buyer country: Goods worth 12.7 billion euros were sold there, an increase of 3.1 percent. Exports to China increased by 1.4 percent to 7.7 billion euros, those to Great Britain even by 7.8 percent to 6.1 billion euros.
Exports to Russia grew by 12.3 percent to 1.0 billion euros, but were 60.0 percent lower than in January 2022, the month before the start of the Ukraine war and the subsequent sanctions against Russia.
Sentiment among German exporters deteriorated slightly in February. The barometer for company expectations fell to 3.8 points from 4.1 points in January, according to the Munich Ifo Institute in its monthly survey. “Weak global demand is dampening hopes for German exports,” said Ifo President Clemens Fuest.