Brandenburg Gate in Berlin, Germany

Germany Trade Balance December 2021

Germany: Merchandise exports lose steam in December

Merchandise exports grew 0.9% month-on-month in December (November: +1.8% year-on-year). Meanwhile, merchandise imports shot up 4.7% in monthly terms in December (November: +3.4% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 6.8 billion surplus in December (November 2021: USD 10.8 billion surplus; December 2020: USD 16.7 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 13.9 billion surplus in December, compared to the USD 12.9 billion surplus in November.

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

“Another solid month for German exports suggests that the export sector prevented the entire economy from falling into a more severe contraction than the recorded -0.7% quarter-on-quarter. Strong import growth bodes well for exports going forward. […] However, 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. In this regard, the soft pick up in manufacturing output in December is a glimmer of hope, adding to our view of a more sustainable recovery for German exports in the course of the year.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest