German exports down by 5.2% MoM, 5% YoY in March 2023

After calendar and seasonal adjustment, Germany exported goods worth €129.7 billion and imported goods worth €113 billion in March.

The foreign trade balance showed a surplus of €16.7 billion during the month.

On a nominal basis, Germany exported goods worth €146.7 billion and imported goods worth €123.4 billion in March. Compared with March 2022, exports thus increased by 5 per cent, and imports decreased by 5.4 per cent during the month.

The unadjusted foreign trade balance showed a surplus of €23.3 billion in March. In March 2022, the surplus was €9.2 billion.

On a calendar and seasonally adjusted basis, Germany exported goods worth €69.3 billion to European Union (EU) member states, while it imported goods worth €60 billion from the same countries in March 2023.

Compared with February 2023, calendar- and seasonally-adjusted exports to the European Union (EU) countries dropped by 6.2 per cent, with imports from the same countries falling by 4.4 per cent.

The value of the goods exported to euro area countries totalled €48.8 billion in March this year, and the value of the goods imported from these countries was €40.3 billion.

In the same month, goods worth €20.5 billion were exported to EU countries not belonging to the euro area, while the value of the goods imported from such countries was €19.7 billion on a calendar- and seasonally-adjusted basis.

Exports of goods to countries outside the EU (third countries) amounted to €60.4 billion in March, while imports from those countries totalled €53.0 billion. Compared with February 2023, exports to third countries declined by 4 per cent and imports by 8.6 per cent.

Most German exports were destined for the United States during the month, with goods exports down 10.9 per cent compared to February after seasonal and calendar adjustment. Exports to the United States thus dropped to €12.5 billion.

Exports to China decreased by 9.3 per cent to €7.7 billion, while exports to the United Kingdom increased by 1.5 per cent to €6.4 billion.

Most imports arrived from China in March. Goods to the value of €12.6 billion were imported from there, which represented a 7.2 per cent decrease compared with the previous month, after calendar and seasonal adjustment.

Imports from the United States rose by 1.4 per cent to €7.8 billion. Imports from the United Kingdom dropped by 4 per cent to €3 billion during the same period.

Exports to Russia increased by a calendar- and seasonally-adjusted 1.8 per cent to €0.9 billion in March from February. Imports from that country fell by 0.4 per cent to €0.3 billion during the month from February. Compared with March 2022, imports from Russia dropped by 92.6 per cent.

ALCHEMPro News Desk (DS)