Overview
- Seasonally adjusted exports fell 2.3% in January to €130.5 billion and imports dropped 5.9% to €109.2 billion, widening the trade surplus to €21.2 billion, according to Destatis.
- Shipments to the EU declined 4.8% and exports to China fell 13.2%, while sales to the United States rebounded 11.7%.
- Manufacturing orders dropped 11.1% month on month in January, but only 0.4% when excluding large orders, and industrial production fell about 2.5%.
- Domestic orders plunged 16.2% versus a 7.1% fall from abroad, with especially steep declines in metal products (−39.4%) and notable drops in machinery and metal production/processing.
- Economists described the orders slump as a normalization exaggerated by December’s big contracts, while the economics ministry warned that Iran‑related supply risks and higher energy prices threaten the fragile recovery, even as public procurement and fiscal measures offer some support.