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Germany's exports declined more than expected in March, while imports growth exceeded expectations, data released by Destatis revealed on Wednesday.
Exports fell 3.3 percent month-on-month in March, in contrast to the 6.2 percent expansion seen in February. Shipments were forecast to drop 2.0 percent. At the same time, overall imports grew 3.4 percent, following a 4.7 percent rise in February. The rate was faster than the economists' forecast of 1.0 percent.
As a result, the trade surplus fell to a seasonally adjusted EUR 3.2 billion from EUR 11.1 billion in the previous month.
Exports to the Russia plunged 62.3 percent because of the sanctions imposed as a result of Ukraine's fight against Russia, further measures to restrict exports, and unsanctioned behavior of market participants, Destatis said. Imports from Russia declined only 2.4 percent.
Year-on-year, exports growth eased to 8.1 percent from 14.5 percent in February. Likewise, imports rose 20.1 percent, following February's 25.0 percent increase.
The unadjusted trade surplus came in at EUR 9.7 billion compared to EUR 20.8 billion in the same period last year.
