Updated May 7th, 2024 at 13:26 IST

German exports beat forecasts, rise 0.9% in March: Federal statistics office

After a revised 1.6% decline in February, Germany's BGA trade association cautioned about declining competitiveness and rising protectionism before this rebound

Reported by: Business Desk
German Exports | Image:Unsplash
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German exports surge: German exports exceeded expectations in March, rising by 0.9 per cent compared to the previous month, according to the federal statistics office's report on Tuesday.

Analysts surveyed by Reuters had anticipated a more modest increase of 0.4 per cent.

This rebound comes after a revised 1.6 per cent decline in February, which had led Germany's BGA trade association to issue warnings about the impact of diminishing competitiveness and increasing protectionism on the nation's export-oriented economy.

In March, the largest economy in Europe witnessed growth in exports to both EU member states and third countries, with increases of 0.5 per cent and 1.3 per cent respectively, as per the data.

Imports maintain momentum

Imports also saw a slight uptick of 0.3 per cent compared to the previous month, following a revised 3.0 per cent increase in February.

March's foreign trade balance recorded a surplus of 22.3 billion euros, slightly surpassing the forecast of 22.2 billion euros and exceeding the previous month's 21.4 billion euros.

The statistics office provides more detailed economic data on its website.

Additionally, the office reported an unexpected decline in industrial orders in March, dropping by 0.4 per cent compared to the previous month.

(With Reuters Inputs)

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Published May 7th, 2024 at 13:26 IST