GERMAN EXPORTS POST SURPRISE RISE

German exports unexpectedly rose in January, buoyed by robust trade with China in a positive start to the year for manufacturers in Europe’s largest economy.

Seasonally adjusted exports increased 1.4% on the month after an upwardly revised increase of 0.4% in December, the Federal Statistics Office said on Tuesday. Imports fell 4.7% after showing no change in the prior month, an upward revision.

A Reuters poll had pointed to a 1.2% drop in exports and a 0.5% fall in imports. January’s 1.4% increase in exports far surpassed even the most optimistic forecast.

The trade surplus grew to 22.2 billion euros. On the year, exports to China rose by 3.1%. Exports to other European Union countries fell 6.0% on the year, those to the United Kingdom dropped 29% and those to the United States decreased by 6.2%.

 

Source: Reuters