German exports grow in January due to strong US demand

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Germany’s exports rose more than expected in January, up 2.1 percent month-on-month, recovering from a previous month’s slump thanks to strong demand from the United States and Britain, official data showed on Friday.

Exports to the U.S. rose 3.1 percent in January and those to the U.K. rose 7.8 percent from December, the data showed.

A Reuters poll had forecast a month-on-month increase in global exports of 1.5%.

Imports fell 3.4 percent from December, Germany’s federal statistics office said, compared with analysts’ average expectation of a 2.0 percent rise.

The foreign trade balance showed a surplus of 16.700 billion euros ($17.730 billion) in January, compared with 10 billion euros in December, both seasonally adjusted and seasonally adjusted.

Supply chain issues, the energy crisis and geopolitical risks are expected to take their toll on exporting companies this year. The German Chamber of Commerce and Industry DIHK forecasts real export growth of 2.5% in 2023, one point below the average growth of the previous decade.

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