Germany's trade surplus rose modestly in March

The Federal Statistical Office (Destatis) reports that in March 2021, German exports were up 1.2% and imports 6.5% on a calendar and seasonally adjusted basis compared with February 2021. Destatis also reports that, after calendar and seasonal adjustment, exports were 0.9% lower and imports 6.7% higher than in February 2020, the month before restrictions were imposed due to the coronavirus pandemic in Germany.

Germany exported goods to the value of 126.5 billion euros and imported goods to the value of 105.9 billion euros in March 2021. Compared with March 2020, exports increased by 16.1%, and imports by 15.5% in March 2021. These are the highest nominal values ever recorded for monthly exports and imports in foreign trade statistics.

The foreign trade balance showed a surplus of 20.5 billion euros in March 2021. In March 2020 the surplus of the foreign trade balance amounted to 17.2 billion euros. The calendar and seasonally adjusted surplus of March 2021 was 14.3 billion euros.

The German current account of the balance of payments showed a surplus of 30.2 billion euros in March 2021, which takes into account the balances of trade in goods (+23.3 billion euros), services (+1.3 billion euros), primary income (+10.0 billion euros) and secondary income (-4.5 billion euros). In March 2020, the German current account showed a surplus of 24.8 billion euros.