Germany's trade surplus modestly declined in January

According to the report from the Federal Statistical Office (Destatis), in January 2021, German exports were up 1.4%, while imports were down 4.7% on December 2020 on a calendar and seasonally adjusted basis. Destatis also reports that, after calendar and seasonal adjustment, exports were 3.3% and imports 5.2% lower than in February 2020, the month before restrictions were imposed due to the coronavirus pandemic in Germany.

Germany exported goods to the value of 98.1 billion euros and imported goods to the value of 83.8 billion euros in January 2021. Compared with January 2020, exports decreased by 8.0% and imports by 9.8% in January 2021.

The foreign trade balance showed a surplus of 14.3 billion euros in January 2021. In January 2020, the surplus amounted to 13.7 billion euros. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of 22.2 billion euros in January 2021.

The German current account of the balance of payments showed a surplus of 16.9 billion euros in January 2021, which takes into account the balances of trade in goods (+13.5 billion euros), services (+1.0 billion euros), primary income (+9.7 billion euros) and secondary income (-7.3 billion euros). In January 2020, the German current account showed a surplus of 15.9 billion euros.