Economy, Europe

Germany's trade gap at 4-month low of $23.2B in February

German exports, imports fall 4.4%, 8.7% respectively at annualized pace

Tuba Onğun  | 08.04.2024 - Update : 08.04.2024
Germany's trade gap at 4-month low of $23.2B in February

ANKARA

Germany's foreign trade surplus reached a 4-month low of €21.4 billion ($23.2 billion) in February, according to official data released on Monday.

The figure was down from a record high of €27.6 billion in January, but was up from €16.9 billion in February 2023, Destatis data showed.


German exports fell 4.4% from last year to €132.9 billion in February and its imports dove 8.7% to €111.5 billion.

Compared to a month ago, exports dropped 2% while imports rose 3.2%.

Germany's shipments to non-EU countries ticked up by 0.4% month-on-month to €60 billion, while its imports surged 14.7% to €54 billion.

Most German exports in February went to the US, valued at €13.8 billion, a rise of 10.7% from January.

Exports to China edged lower by 0.6% to €8 billion and to the UK down by 2% to €6.6 billion.

Germany's main source of imports was China with €12.1 billion, a surge of 16% from a month earlier.


Shipments to Russia, meanwhile, slipped 24% year-on-year to €700 million, while imports from the country totaled €200 million, diving 36.2% in the same period.

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