Germany’s exports grew more than expected in February reflecting strong demand from the US and China, official data revealed Tuesday.<\/p>\n
Exports increased 4.0 percent from January, when shipments were up 2.5 percent, Destatis reported. This was the second consecutive rise. Growth was also better than the expected 1.6 percent gain. <\/p>\n
At the same time, imports rebounded 4.6 percent month-on-month, in contrast to the 1.4 percent fall logged in January. This was much bigger than the expected growth of 1.0 percent. <\/p>\n
The trade balance showed a stable surplus of EUR 16.0 billion in February. The trade surplus was forecast to increase to EUR 17.0 billion as economists widely expected imports to log a slower growth in February. <\/p>\n
On a yearly basis, exports growth more than halved to 6.3 percent from 12.8 percent in the previous month. Likewise, imports grew 2.6 percent, weaker than January’s 9.1 percent expansion. <\/p>\n
As a result, the trade surplus increased to an unadjusted EUR 16.9 billion from EUR 12.1 billion in the same period last year.<\/p>\n
Most German exports went to the United States in February, with goods shipments rising 9.4 percent from the previous month.<\/p>\n
Shipments to China advanced 10.2 percent and those to the UK grew only 2.5 percent. <\/p>\n
Most imports to Germany came from China in February, which grew 6.7 percent, while imports from the US declined 8.7 percent and that from the UK slid 4.0 percent.<\/p>\n
Exports to Russia declined 14.3 percent on month and imports from Russia plunged 67.2 percent.<\/p>\n
Data showed that exports to the euro area gained 1.6 percent and imports from the currency bloc moved up 3.3 percent. <\/p>\n