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Germany's trade advantage continues to be affected by the Russia-Ukraine incident


Germany's March quarterly adjusted exports turned down 3.3% month-on-month, which was higher than market expectations for a 2% decline and reversed the previous 6.4% rise. As for imports, it rose by 3-4% month-on-month, which was higher than market expectations and the previous value rose by 1% and 4.5% respectively. Among them, Germany's exports to Russia plunged 62.3% month-on-month, while imports fell 2.4%. Affected by the continued weakness in exports, the trade surplus for the month narrowed sharply to 3.2 billion euros from the previous value of 11.1 billion euros. The data reflects that the Russian-Ukrainian incident continues to gradually erode the trade advantage of Germany, the largest economy in the euro zone.
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