Germany's exports unexpectedly increased in January

Germany's exports recorded unexpected growth in the first month of this year, mainly due to a significant increase in exports to China. The German statistical office Destatis informed about it on Tuesday. After adjusting for seasonal and calendar effects, exports increased by 1.4% month-on-month in January. The data for December were revised upwards, showing export growth of 0.4%. The January result exceeded the expectations of economists contacted by Reuters, who expected a drop in exports of around 1.2%. Growth of 1.4% exceeded even the most optimistic forecasts. On the contrary, imports fell by 4.7%, while stagnating in December. In this indicator, too, economists' estimates were different, with economists expecting a slower rate of decline. They estimated that imports would fall by only 0.5% in January compared to December. Compared to February last year, the last month before the onset of the new coronavirus pandemic, German exports fell by 3.3%. Imports fell by 5.2%, Destatis added. The trade surplus reached 22.2 billion euros in January. It significantly exceeded the estimates of economists contacted by The Wall Street Journal, who expected a surplus of 15.8 billion euros.