Germany: Exports shrink in June but trade surplus expands nevertheless
August 9, 2017
The seasonally- and calendar-adjusted trade surplus grew to EUR 21.2 billion in June from EUR 20.3 billion in May. Exports were down 2.8% from the previous month, which contrasted an expansion of 1.5% in May. Imports also declined a notable 4.5% in monthly terms as opposed to May’s 1.3% increase.
In annual terms, exports growth almost came to a halt at 0.7% after a robust 14.1% expansion in May, which was the highest reading in over five years. Imports also slowed down considerably from 16.3% in May to 3.6% in June. In the 12 months up to June, exports growth remained steady at May’s 3.5% increase. Imports, on the other hand, grew from 4.8% to 5.0%. That said, the 12-month trade balance expanded marginally from EUR 242.3 billion to EUR 242.5 billion.
In a recent statement, the Federation of German Wholesale, Foreign Trade and Services (BGA) commented that German trade had a strong performance in the first half of the year despite risks of protectionism, and that moving forward measures need to be put in place to resist such policies.
Author: Lindsey Ice, Economist