Germany's trade surplus widens to $24B in March

By Tuba Ongun

Germany's foreign trade surplus widened to €22.3 billion ($24 billion) in March, according to official data released on Tuesday.

The figure rose from €21.4 billion in February and €17.2 in March 2023, Destatis data showed.

German exports ticked up by 1.2% year-on-year to €134.1 billion in March and its imports dropped 3% to €111.9 billion.

Compared to the prior month, exports and imports climbed 0.9% and 0.3%, respectively.

Germany's exports of goods to countries outside the EU totaled at €60.9 billion while its imports from third countries hit €53.1 billion in March.

Most German shipments in March went to the US, valued at €14.3 billion, increasing 3.6% month-on-month.

Exports to China went up by 3.7% to €8.3 billion and to the UK decreased by 3.8% to €6.4 billion.

Germany's main source of imports was China with €13.7 billion, marking a hike of 14.3% from February.