German trade picks up; impact of Ukraine conflict yet to be felt
German imports and exports rose more than expected in February, but the impact of the Ukraine conflict is yet to be felt, according to data released by Destatis on Monday.
Exports pushed up 6.4% on the month, coming in well ahead of expectations for a 1.5% jump. Meanwhile, imports were up 4.5% versus expectations for a 1.4% rise.
Trade with Russia was a different story, however, with exports down 6.3% and imports 7.3% lower on the month.
Destatis said: "Trade with Russia was not restricted until late February 2022 as a result of Russia’s attack on Ukraine and the sanctions imposed as a consequence.
"It is expected that, as of reference month March, foreign trade figures will show in detail in how far the sanctions, further measures to restrict exports and unsanctioned behaviour of market participants will further impact German trade with the Russian Federation."
The overall trade surplus rose to €11.5bn in February from a downwardly-revised €8.8bn the month before.