- Prior €6.8 billion
- Exports -2.8% vs +1.0% m/m expected
- Prior +0.9%
- Imports -4.2% vs +2.0% m/m expected
- Prior +4.7%
The German trade surplus expanded on the month but not in the best way as exports slumped by imports were dragged lower even more, as trade conditions appear to hit a bit of a snag to start the new year.
Looking at the details for 2021, the German export surplus was down for a fifth straight year - falling 4.2% to €172.9 billion on a year earlier. Of note, this was impacted by an excess of imports over exports in trade with Russia as prices of imported crude oil and natural gas had risen sharply.
