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Germany's foreign trade balance sees surplus of $80B

Germany's foreign trade balance sees surplus of $80B
Germany's imports rise rapidly in 2022 due to higher energy prices related to Russia-Ukraine war

By Gokhan Ergocun

ISTANBUL (AA) - Germany's foreign trade balance posted a surplus of €76 billion (some $80 billion) in 2022, official figures showed on Thursday.

Destatis said that the country's exports and imports amounted to €1.56 trillion and €1.48 trillion, respectively, in 2022, up by 14.3% and 24.3% on an annual basis.

THe EUR/USD exchange rate was 1.05 on average during the last year.

The leap in imports stemmed from increased energy prices due to the Russia-Ukraine war.

"In 2022, the calendar and seasonally adjusted export surplus thus declined for the fifth consecutive year," Destatis added.

In December alone, the country's exports totaled €127.4 billion and imports €117.4 billion, while the trade surplus was at €10 billion.

source: News Feed
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