Germany’s exports rebounded at a stronger than expected pace in April despite sanctions imposed on Russia dampening trade in Europe. <\/p>\n
Exports advanced 4.4 percent on a monthly basis, in contrast to the 3.0 percent decline posted in March, data from Destatis showed on Friday. Shipments were expected to grow only 1.5 percent.<\/p>\n
At the same time, imports moved up 3.1 percent on month. Although growth was slightly slower than March’s 3.2 percent increase, the rate far exceeded economists’ forecast of 0.2 percent.<\/p>\n
As a result, the trade surplus rose to a seasonally adjusted EUR 3.5 billion from EUR 1.9 billion a month ago. The expected level was EUR 1.6 billion. <\/p>\n
Year-on-year, exports growth improved to 9.2 percent from 8.5 percent. Likewise, growth in imports climbed to 25.2 percent from 22.6 percent in the prior month. <\/p>\n
The unadjusted foreign trade balance showed a surplus of EUR 1.3 billion in April compared to a EUR 15.3 billion surplus in the same period last year. <\/p>\n
Exports to the Russia decreased 10.0 percent to EUR 0.8 billion in April, because of the sanctions imposed against Russia as a result of the war in Ukraine, further measures to restrict exports, and unsanctioned behaviour of market participants. Imports from Russia were down 16.4 percent to EUR 3.7 billion in April. <\/p>\n
Meanwhile, shipments to EU member countries grew 4.2 percent and imports from those countries gained 2.4 percent annually. <\/p>\n