Germany: Merchandise exports rise at a slower rate in August
October 8, 2020
Merchandise exports rose 2.4% month-on-month in August on a calendar- and seasonally-adjusted basis, down from July’s 4.7% climb. Imports, meanwhile, increased 5.8%, up from July’s 1.1% expansion. As a result, the calendar- and seasonally-adjusted trade surplus eased to EUR 15.7 billion in August, from EUR 18.0 billion in July.
On an annual basis, merchandise exports plummeted 10.2% in August, following July’s 11.0% dive. Furthermore, merchandise imports nosedived 7.9% in August (July: -11.3% yoy). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 188.1 billion surplus in August, compared to the USD 191.1 billion surplus in July.
Anton F. Börner, President of the Federal Association of Wholesale, Foreign Trade and Services, commented:
“In addition to the virus, there are other risks. […] The UK's imminent exit has already left its mark on bilateral trade. Here we must certainly be prepared for the fact that German foreign trade will feel further consequences. This is particularly painful because the current figures once again underline the great importance of the EU countries for German foreign trade. In addition, it should not be forgotten that the outcome of the US election will also have an impact.”