German Trade Surplus Smallest in 1-1/2 Years



The German trade surplus fell to EUR 16.5 billion in July 2018 from EUR 18.8 billion in the same month a year earlier. It was the smallest trade surplus since January 2017, as imports jumped 12 percent to an all-time high while exports rose at a softer 7.6 percent.

Imports of goods increased by 12 percent from a year earlier to an all-time high of EUR 94.5 billion in July, mainly boosted by purchases from the EU (10.9 percent to EUR 53.7 billion), of which Euro area countries (14.1 percent to EUR 36.1 billion) and other European countries (4.8 percent to EUR 17.6 billion). In addition, imports from countries outside the EU rose by 13.6 percent to EUR 40.8 billion.

Meanwhile, exports went up at a softer 7.6 percent to EUR 111.0 billion, as sales to the EU grew by 8 percent to EUR 64.5 billion, of which Euro area countries (9.5 percent to EUR 41.5 billion) and other European countries (5.5 percent to EUR 23.1 billion). Exports to countries outside the EU increased by 7.1 percent to EUR 46.5 billion. 

On a seasonally adjusted basis, the trade surplus fell to EUR 15.8 billion in July from EUR 19.3 billion in June and below market expectations of EUR 19.0 billion. Exports dropped unexpectedly by 0.9 percent, missing forecasts of a 0.2 percent rise; while imports jumped by 2.8 percent, far above market consensus of a 0.2 percent gain.

Considering January to July, the trade surplus narrowed to EUR 138.3 billion from EUR 140.1 billion in the same period of 2017.


German Trade Surplus Smallest in 1-1/2 Years


Destatis | Rida | rida@tradingeconomics.com
9/7/2018 11:17:30 AM