GERMAN ECONOMY
Exports down in March / Flow of goods to Russia slumps as expected
German exports fell 3.3% in March from February levels as imports rose 3.4% on the month, according to Germany’s Federal Statistics Office (Destatis, Wiesbaden; www.destatis.de). The provisional data said exports increased 8.1% and imports surged 20.3% versus March 2021.

Goods valued at EUR 120.6 bn were shipped out of country in March (adjusted for calendar and seasonal effects), while incoming deliveries totalled EUR 117.4 bn. The foreign trade balance for March dropped to a surplus of EUR 3.2 bn from EUR 11.1 bn in the previous month and EUR 14.0 bn in the year-early period.

Most exports went to the US, with 3.2% more goods exported there than in February. Shipments to America thus increased to a value of EUR 11.5 bn. Exports to China fell 4.3% to EUR 9.1 bn, and exports to the UK declined 3.9% at EUR 5.5 bn.

Related: World commerce steadies after war rattles markets

Chinese imports in March grew to EUR 16.3 bn, 15.8% more on the month. US imports rose 6.3% to EUR 6.8 bn, while those from the UK surged over 40% to EUR 3.7 bn.

As expected, exports to the Russian Federation plummeted, falling 62.3% to EUR 0.9 bn in March due to sanctions imposed following the invasion of Ukraine and other measures restricting exports and business activity. Imports from Russia over this same period fell 2.4% to EUR 3.6 bn.
Trade eases with EU countries
In March 2022, goods worth EUR 66.6 bn were exported to European Union member states, with imports from the trading bloc reported at EUR 56.7 bn. Compared with February 2022, exports to these slipped 1.7% while imports declined by 3.0%.
12.05.2022 Plasteurope.com [250219-0]
Published on 12.05.2022
Destatis: Erwartungsgemäßer Einbruch der Warenströme nach RusslandGerman version of this article...

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