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Germany’s exports rose 2.1% in January

Germany’s exports rose by 2.1% in January, exceeding analysts’ expectations of a 1.5% increase, driven by strong exports to the US and UK, according to Germany’s statistical office. January exports to the United States increased by 3.1% and those to the UK rose by 7.8% on a month-on-month basis.

However, imports fell 3.4% month-on-month, against analysts’ expectations of a 2% increase. The latest figures have pushed Germany’s trade surplus to €16.7bn ($17.73bn) in January, up from €10bn in December, following calendar and seasonal adjustments.

The German Chamber of Commerce and Industry (DIHK) has forecast that supply chain problems, energy crises, and geopolitical risks may affect export companies this year, and real exports are expected to grow 2.5% in 2023, one percentage point below the average growth over the past 10 years.

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