09.04.202006:52:00UTC+00German Exports Rise; Imports Fall More-Than-Expected

Germany's exports growth accelerated, while imports fell more than expected in February, data from Destatis revealed Thursday.

Exports grew 1.3 percent on month, much faster than the 0.1 percent rise in January. Economists had expected a 1 percent decline.

Meanwhile, imports declined by more-than-expected 1.6 percent, following a 0.6 percent rise in January. Imports were forecast to fall 0.7 percent.

The trade surplus rose to a seasonally adjusted EUR 21.6 billion from EUR 18.7 billion in January.

There was a strong decrease in foreign trade with China due to coronavirus pandemic, Destatis said. Major effects of the coronavirus crisis on foreign trade results can be expected from the reference month of March.

On a yearly basis, exports gained 0.4 percent in February, in contrast to a 1.9 percent fall in January. At the same time, imports fell at a faster pace of 2.9 percent after easing 1.5 percent.

As a result, the trade surplus increased to an unadjusted EUR 20.8 billion from EUR 17.8 billion in the same period last year.

Data showed that the current account surplus rose to EUR 23.7 billion from EUR 15.8 billion in February 2019.