German exports record sharpest decline since May 2024
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FILE PHOTO: ontainer ships are seen at the loading terminal "Altenwerder" in the port of Hamburg, Germany, February 17, 2025. Picture taken with a drone. REUTERS/Fabian Bimmer/File Photo
By Rene Wagner
BERLIN, March 10 (Reuters) - German exports recorded their sharpest decline in more than a year and a half in January due to falling demand from China and Europe, federal statistics office data showed on Tuesday.
Exports shrank by 2.3% in January compared with the previous month to 130.5 billion euros ($152.06 billion), their biggest fall since May 2024.
Analysts polled by Reuters had expected a 2.0% decrease.
Imports fell even more sharply than exports in January, plunging 5.9% to 109.2 billion euros, marking their largest decline since April 2020.
Analysts had predicted slight growth of 0.2%.
UNITED STATES REMAINS MAIN DESTINATION
The majority of January exports once again headed to the United States, where goods worth 13.2 billion euros were delivered.
That was 11.7% more than in December, even as the high tariffs introduced by President Donald Trump weighed on demand for German-made goods.
"U.S. tariffs are still weighing on exports and will probably only show their full impact this year, notwithstanding the new uncertainty since the Supreme Court's ruling," ING economist Carsten Brzeski said.
With the additional shock from weaker China demand and increased competition, as well as surging energy prices as a result of the Iran war, Germany faces an array of headwinds, he said.
German trade with China slumped. Exports fell by 13.2% to 6.3 billion euros.
Exports to European Union countries also fell by 4.8% to 71.6 billion euros.
($1 = 0.8582 euros)
(Reporting by Rene WagnerAdditional reporting by Danny Callaghan and Tristan VeyetWriting by Miranda Murray Editing by Friederike Heine and Andrew Heavens)
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