Germany’s trade balance improved further to €21.1 billion in March, up from €18.0 billion in January and above expectations of a €19.1 billion surplus.

• Exports increased 1.1% MoM and 2.3% YoY to €133.2 billion, and imports declined -1.4% MoM but were up 2.3% YoY at €112.1 billion.
• Exports to EU countries increased 3.1% MoM while EU imports fell -3.5% MoM.
• Exports to non-EU countries eased -1.1% MoM while non-EU imports increased 0.8% MoM.
• There was still evidence of US importers front-running tariffs. German exports to the US jumped 8.5% MoM in February and were up another 2.4% MoM in March. Imports from the US were up 7.9% MoM after a decline previously.
• Trade with China increased as well as exports to China were up 10.2% MoM, and imports from China were up 9.6% MoM.