Germany Trade Balance July 2020


Germany: Merchandise exports grow at a softer rate in July

September 8, 2020

Merchandise exports rose 4.7% month-on-month in July on a calendar- and seasonally-adjusted basis, down from June’s 14.9% jump. Imports, meanwhile, increased 1.1% over the prior month in July, down from June’s 7.0% rise. As a result, the calendar- and seasonally-adjusted trade surplus rose to EUR 18.0 billion in July from EUR 14.5 billion in the prior month.

On an annual basis, meanwhile, exports dived 11.0% in July, following June’s 9.4% plummet. Merchandise imports fell 11.3% over the same month last year in July (June: -10.0% yoy). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 191.1 billion surplus in July, compared to USD 192.8 billion surplus in June.

Ines Kitzing, first vice president of the Federal Association of Wholesale, Foreign Trade and Services (BGA) commented: “After a sharp slump, especially in the 2nd quarter, the first signs of a recovery in foreign trade are now visible. […] However, it is still too early to give the all-clear. The situation remains tense, also with a view to the ongoing travel restrictions. This underlines once more that the German economy will only be fine again if its trading partners are also doing well again. […] The recent threats from London not to abide by agreements make us very concerned […]. Having to endure Brexit chaos in addition to the Corona crisis would be more than just a burden for our entrepreneurs.”

FocusEconomics panelists see inflation ending 2020 at 2.5%, which is up 0.1 percentage points from the previous month’s forecast. For 2021, our panelists expect inflation to end the year at 3.5%.


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Germany Trade Balance Chart

Germany Trade12m July 20 20

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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