German exports grow 7.5% y-o-y in January

ANKARA

Germany's exports rose 7.5% year-on-year to $128.8 billion (€116.9 billion) in January, according to the Federal Statistical Office on Friday.

The country's imports rose at a faster pace than exports, up 22.1% to $118.5 billion (€107.5 billion) in the same period, Destatis said in a statement.

The foreign trade balance posted a surplus of €9.4 billion in January 2022 versus €8.1 billion in December 2021 and $20.7 billion in January 2021.

"As the trade with the Russian Federation was not yet restricted by the sanctions imposed in response to Russia’s attack on Ukraine, exports and imports rose markedly in January 2022 on December 2021," it said in the statement.

On a monthly basis, German exports were down by 2.8% and imports by 4.2% in January.

Compared to February 2020, before coronavirus related restrictions were imposed in Germany, exports rose by 4.0% and imports by 17.8% this January.

The majority of German exports were to EU member countries, amounting to €61.4 billion while extra-EU exports stood at €55.5 billion in the month.

The US was the top destination of German exports, receiving €10.9 billion worth of goods this January.

The country's exports to China totaled at €8.8 billion, the UK at €5.7 billion and Russia at €2.6 billion.

China was the main source of German imports, with goods to the value of €13.1 billion. It was followed by the US with €6.5 billion, Russia with €3.9 billion and the UK with €2.7 billion in January.