By Maria Martinez
BERLIN (Reuters) – German exports rose more than expected in January, rising 2.1% for the month, rebounding from last month’s slump thanks to Strong demand in the U.S. and U.K., data showed on Friday.
A Reuters poll expected a 1.5% month-on-month increase.
Despite the rebound, exports are still only back to levels last April, noted ING Global Head of Macro Carsten Brzeski.
“It does not look like trade is as strong a growth driver for the German economy as it used to be,” Brzeski said. Supply chain frictions and a more fragmented global economy continue to undermine “Germany’s old formula for success”.
Exports to the US rose 3.1% for the month, while those to the UK rose 7.8%, the data showed.
“The fact that the U.S. economy remains firm is a source of confidence,” said Alexander Kruger, chief economist at Hauck Aufhaeuser Lampe Privatbank. Other positive signals were an easing of material bottlenecks and a rise in business export expectations .
Exports to Russia increased calendar and seasonally adjusted 12 January vs. December down .3%, while exports from Russia The import volume decreased by 17.7% month-on-month.
Compared with December, imports fell by 3.4%, the Federal Statistical Office said, while analysts had expected a rise of 2.0%.
Most of Germany’s imports come from China, 12.7 billion euros.
foreign trade surplus 12.7 billion euros ($12.2023 bn) increased from .0 bn in December, both calendar and seasonally adjusted.
Supply chain issues, energy crises and geopolitical risks are expected to weigh on exporting companies this year.
The German Chamber of Industry and Commerce DIHK forecasts 73 a real export growth rate of 2.5%, one percentage point lower than the average growth rate of the past ten years Year.
(1 USD=0.9418 EUR)