In February, exports recorded a significant decline again. The decrease in imports slowed down due to a rebound in purchases of transport equipment (aerospace and automobiles).
In February, exports amounted to € 35.84 billion. Sales of intermediate goods (chemicals mainly) and telephone equipment contracted sharply while automobile exports remained low. In contrast, pharmaceutical exports increased (due to the campaign against onchocerciasis) and sales of cereals and agricultural products remained strong.
Exports to the EU contracted, mainly due to a decrease in aircraft shipments to Germany. As in January, sales to the United States (mainly aircrafts, intermediate goods and pharmaceuticals) and Asia (aircrafts and industrial equipment) remained below their levels at the end of 2012.
Imports amounted to €41.85 billion. The decline of industrial imports remains limited due to an increased in aircrafts and automobiles purchases. In addition, purchases of chemicals remain strong while those of metals and agricultural products remain stable. Although imports from Europe declined, purchases from the Middle East and Africa increased, mainly due to energy needs.