German exports remain weak in Q1

German exports rose in March compared to the month before, though the first quarter as a whole shows negative figures, according to preliminary figures by the Federal Statistical Office, reported dpa.

From January to March 2024, German-made goods with a total value of €402.2 billion ($422 billion) were exported, 1.1% less than in the same period last year, the office announced on Tuesday.

Business in Europe weakened in particular: Trade with the partner countries of the European Union, the most important sales region for the German export industry, was down 0.6% in the three-month period.

German exports to the eurozone even fell by 2.1% within the space of a year.

However, the March figures harbour hopes of a turnaround: After a dip in February, exports in March were 0.9% higher than in the previous month at €134.1 billion and 1.2% above the March 2023 level.

Most German exports in March went to the United States, but trade with EU partners also increased.

The recent increase in exports, along with rising construction investment, was the reason why the German economy as a whole started the current year with slight growth, the office said.

Goods with a total value of €111.9 billion were imported in March, 0.3 % more than in February, but 3.0% less than a year ago.

According to the statisticians, imports to Germany totalled €331.8 billion in the first three months - a drop of 6.6% compared to the same period last year.