Germany Trade Balance


Germany: Exports unexpectedly decline in July

September 9, 2011

In July, exports dropped a calendar and seasonally adjusted 1.8% over the previous month, which was below the 1.2% contraction observed in June and defied market expectations of a 0.5% rise. Imports fell 0.3% over the previous month, which contrasted with an expansion of the same magnitude in June. On a year-on-year basis, exports expanded 4.4% in July, slightly faster than the 3.1% increase tallied in June. Despite the acceleration, the July increase marked the second consecutive month of single-digit growth, after exports had grown at a double-digit pace for 15 months in a row. Imports accelerated from a 6.0% increase in June to a 9.9% expansion in July. As imports outpaced exports, the trade surplus narrowed from EUR 12.7 billion in June to EUR 10.4 billion in July. In the wake of the global economic slowdown, exports are likely to grow at a less dynamic rhythm going forward. The Federation of German Wholesale, Foreign Trade and Services (BGA, Bundesverband Gro

Author:, Senior Economist

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