Germany Trade Balance


Exports fall sharply in April

In April, exports fell a seasonally and working day adjusted 5.5% over the previous month, which contrasted the 7.2% increase observed in March. The reading surprised private analysts, who had anticipated a 3.0% fall and represented the sharpest monthly contraction since January 2009. In the same vein, imports dropped 2.5% over the previous month, contrasting a 3.1% increase tallied in March. A year-on-year comparison shows exports moderating from a 15.7% increase in March to a 13.4% expansion in April (USD 84.3 billion). In March exports rose to their highest monthly level since records began. In contrast, imports accelerated from a 17.0% increase in March to a 20.1% expansion in April, shrinking the trade balance surplus to EUR 10.9 billion (March: USD 18.8 billion). Despite the fall in April, exports moved further above pre-crisis levels, with the 3-month sum in exports rising to EUR 267 billion in March, which was well above the EUR 257 billion peak registered in November 2007. Export growth, which is likely to follow the positive trend in place, remains a strong growth driver, as demand from emerging economies, in particular China, remains strong. The Federation of German Wholesale, Foreign Trade and Services (BGA, Bundesverband Gro

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