German trade surplus picks-up in March, despite drop in non-euro area exports

Germany's trade surplus widened in March as exports to other euro area countries picked-up, offsetting a decline in sales outside the bloc.

The country's foreign trade surplus in goods increased from €19.4bn in February to €22.0bn for March, according to the Federal Office of Statistics.

Exports were 1.7% stronger versus February in calendar and seasonaly adjsted terms, reaching €109.3bn, while imports fell by 0.9% to €87.3bn.

Yet while sales of goods to other Eurozone countries jumped 4.4% month-on-month to €44.2bn in non-adjusted terms, those to non-Eurozone countries fell by 3.9% to €24.5bn.

Purchases of goods from other euro area nations also held up better, rising by 1.7% to €35.0bn in non-adjusted terms.

In comparison to a year ago, both total exports and imports were lower, declining by 1.8% and 2.3%, respectively.

Exports and imports of goods to non-European Union countries also weakened in March in year-on-year terms, with both shrinking by 5.9%.

Separately, the Bundesbank reported that Germany's current account surplus for March was at €29.1bn, with the country's services balance showing a €0.9bn deficit and the secondary income balance a shortfall of €3.8bn.

The trade in goods balance (including supplementary items) was in a surplus to the tune of €26.8bn and the surplus on the primary income balance was at €6.9bn.