Industry

German exports up 1.4 pct in January but still below pre-crisis level: Destatis

Germany’s exports rose for the ninth month in a row and increased by 1.4 percent in January compared to the previous month to 98.1 billion euros (116.7 billion U.S. dollars), the Federal Statistical Office (Destatis) announced on Tuesday.

Compared to the same month last year, German exports in January were down 8 percent, according to Destatis. In particular, exports to the United Kingdom (UK) plummeted by 29 percent year-on-year to 4.3 billion euros as the UK left the European Union’s (EU) Single Market and Customs Union.

German exports in January to the United States decreased by 6.2 percent to 8.5 billion euros, while the country’s exports to China increased by 3.1 percent and reached 7.5 billion euros, according to Destatis.

China’s good economic situation was benefitting German exporters, the ifo Institute noted two weeks ago, as the ifo index for export expectations for the next three months rose from 7.5 points in the previous month to 10.7 points in February.

Germany’s total imports in January declined by 9.8 percent year-on-year to 83.8 billion euros, according to Destatis. At the same time, imports from the United States even dropped by 22.8 percent year-on-year.

China remained Germany’s biggest import country in January, with a 1.1 percent increase in volume year-on-year. “China’s importance for German imports is growing steadily,” Destatis noted in a statement at the end of February. China has been Germany’s biggest import partner since 2015.

“China’s rapid economic recovery explains why the country was Germany’s most important trading partner in January in terms of both exports and imports,” said Anton Boerner, president of the Federation of German Wholesale, Foreign Trade and Services, in a statement on Tuesday. (1 euro = 1.19 U.S. dollars) .

Source: Bangladesh Sangbad Sangstha (BSS)