German trade surplus narrows in January as drop in exports outpaces decline in imports

Economic IndicatorsAssociated Press

Germany's trade surplus narrowed in January as a drop in imports was outpaced by a decline in exports.

The Federal Statistical Office said Monday that exports fell 2.1 percent in January to 96.3 billion euros ($105.57 billion) when adjusted for seasonal and calendar variances. Imports dropped 0.3 percent to 76.6 billion euros.

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The trade surplus narrowed to 19.7 billion euros in January from 21.6 billion euros in December.

Germany has drawn criticism for relying too much on exports and not importing enough to boost other European economies. However, it barely has a trade surplus with the rest of the 19-nation eurozone, while it has a large surplus with countries outside the European Union.