German exports see sharpest monthly drop since May 2024
German exports fell 2.3% in January marking the biggest decline in over a year. Weak demand from China and the EU outweighed growth in trade with the US.
Germany experienced a significant contraction in its trade sector this January, as exports recorded their sharpest decline in over a year and a half. Federal statistics office data released on Tuesday revealed that exports shrank by 2.3% compared to the previous month, totaling 130.5 billion euros ($152.06 billion). This marks the most substantial downturn since May 2024 and exceeded the 2.0% decrease anticipated by Reuters analysts.
The import sector saw an even more dramatic shift, plunging 5.9% to 109.2 billion euros. This represents the largest decline in imports since April 2020, contrasting sharply with analyst predictions of a modest 0.2% growth.
