Germany: Trade balance narrows in August on falling exports
October 8, 2015
The seasonally- and calendar-adjusted trade surplus narrowed from EUR 22.4 billion in July to EUR 19.6 billion in August, marking the lowest reading in five months. The trade surplus declined over the previous month as exports dropped at a faster pace than imports. Exports fell a seasonally-adjusted 5.2% over the previous month, which marked the largest drop in over six years (July: +2.2% month-on-month). Meanwhile, imports decreased 3.1% in August, which contrasted July’s 2.3% rise and marked the largest decline since November 2012.
Compared to the same month last year, exports gained 5.0% in August, which was down from July’s 6.3% growth. Imports growth decelerated from July’s 6.2% to 4.0% in August. The 12-month sum of exports to August grew 6.4% over the same period last year and the 12-month trade surplus totaled EUR 245.9 billion, reaching yet another all-time high.