By Maria Martinez
(Reuters) – German exports fell more than expected in February, as exports to European Union countries dropped, data from the Federal Statistics Office showed on Monday.
Exports declined by 2% month-on-month in February and were lower than the forecast for a 0.5% decrease in a Reuters poll.
Imports were up 3.2% on the month, the statistics office said.
The foreign trade balance showed a surplus of 21.4 billion euros ($23.17 billion) in February, down from 27.6 billion euros in January and 16.9 billion euros in February 2023.
Exports to EU countries dropped by 3.9% on the month, while exports to third countries increased by 0.4%.
Exports of goods to the United States were up 10.2% compared with January, while exports to China decreased by 0.6% on the month.
“German trade is experiencing shifts in global trade and geopolitical tensions,” said Carsten Brzeski, global head of macro at ING.
($1 = 0.9234 euros)
(Reporting by Maria Martinez, Louis van Boxel-Woolf, Tristan Veyet and Halilcan Soran, Editing by Andrey Sychev and Jamie Freed)
