Germany: Trade surplus widens in November
In seasonally- and calendar-adjusted terms, Germany’s trade surplus increased to EUR 22.3 billion in November from EUR 19.9 billion in October. Export growth strongly rebounded to 4.1% over the previous month in November (October: -0.3% month-on-month; previously reported: -0.4% mom), while import growth picked up pace to 2.3% over the previous month (October: +1.8% mom).
In year-on-year terms, exports grew 8.2% in November, up from the revised 6.9% increase in October (previously reported: +6.8% year-on-year). Hence the 12-month moving sum of exports increased from 6.2% in October to 6.5% in November. The 12-month moving sum of imports also rose, increasing from 8.2% in October to 8.6% in November. Nonetheless, the 12-month trade balance increased from EUR 242.0 billion in October to EUR 243.5 billion.
Commenting on the November result, Dr. Holger Bingmann, President of the Federation of German Wholesale, Foreign Trade and Services (BGA), stated that, “This impressively underlines that German companies are currently reacting flexibly and successfully to international challenges. […] In order for Germany to remain at the forefront of global markets, the hanging game in Berlin must soon come to an end in the face of increasing economic protectionism and nationalism.”