Germany Trade Balance September 2020


Germany: Merchandise exports drop in September

November 9, 2021

Merchandise exports dropped 0.7% month-on-month in September on a calendar- and seasonally-adjusted basis, up from August’s 0.8% contraction. Goods imports, meanwhile, rose 0.1% over the prior month in September, down from a 2.1% expansion recorded in the prior month. The calendar- and seasonally-adjusted trade surplus consequently narrowed to EUR 13.2 billion in September from EUR 14.1 billion in August.

On an annual basis, exports of goods jumped 7.1% in September after August’s 14.5% increase. Imports of goods, meanwhile, rose 12.9% in September, up from August’s 17.0% increase.

Carsten Brzeski, global head of macro at ING, added:

“The drop in German exports in September adds to the evidence that the economy's only growth drivers in the third quarter were private consumption and government expenditures. […] Looking ahead, we will first need to see industrial production picking up again before exports surge as well. It is very simple: without any new production, there won’t be new exports. We expect a first rebound in industrial production in the fourth quarter, but this will probably be more of a technical one. For a more fundamental rebound in industrial production and exports, supply chain frictions need to be left behind. This is something we will only see in the course of 2022.


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Germany Trade Balance Chart

Germany Trade12m September 2021

Note: 12-month sum of trade balance in EUR billion and annual variation of the 12-month sum of exports and imports in %.
Source: Federal Statistics Office (Destatis).

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