BERLIN (dpa-AFX) - Germany's exports growth accelerated at the start of the year despite lockdown restrictions, while imports logged a faster-than-expected decline, data from Destatis revealed on Tuesday.
Exports grew unexpectedly by 1.4 percent month-on-month, faster than the 0.4 percent rise in December. Economists had forecast a decline of 1.2 percent.
At the same time, imports decreased 4.7 percent after staying flat in the previous month. Imports were expected to drop 0.5 percent.
As a result, the trade surplus rose to a seasonally adjusted EUR 22.2 billion from EUR 16.4 billion in the prior month. The surplus was expected to remain unchanged at the December level.
On a yearly basis, exports and imports decreased 8 percent and 9.8 percent, respectively. The trade surplus, on an unadjusted basis, increased to EUR 14.3 billion from EUR 13.7 billion in the same period last year.
Exports were 3.3 percent and imports 5.2 percent lower than in February 2020, the month before the start of the corona-related restrictions in Germany.
Data showed that the current account surplus totaled EUR 16.9 billion in January versus EUR 15.9 billion surplus in the last year.
Shipments to China grew 3.1 percent annually to EUR 7.5 billion, while that to the United States dropped 6.2 percent to EUR 8.5 billion.
Most of the imports came to Germany from China in January. Imports from China climbed 1.1 percent. On the other hand, imports from the U.S. dropped 22.8 percent.
Exports to the UK fell 29.0 percent and imports from the UK plunged 56.2 percent.
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