Germany Trade Balance


Exports fall more than expected in June

The spreading sovereign debt crisis in Europe and slower global economic growth are likely to adversely impact German exports in the coming months. In June, exports dropped a calendar and seasonally adjusted 1.2% over the previous month, which contrasted the 4.4% expansion observed in May and slightly undershot market expectations that had exports declining 1.0%. On the other hand, imports increased 0.3% over the previous month on a calendar and seasonally adjusted basis, below the 3.8% expansion in May. A year-on-year comparison had exports growing 3.1%, which marked a notable deceleration compared to the 19.9% expansion tallied in May. Imports slowed from a 15.6% increase in May to a 6.0% expansion in June. As result, the trade surplus shrunk from EUR 14.8 billion in May to EUR 12.7 billion in June. In the wake of the global economic slowdown, exports are likely to grow at a less dynamic rhythm going forward. That said, the Federation of German Wholesale, Foreign Trade and Services (BGA, Bundesverband Gro

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