Germany Trade December 2015

Germany

Germany: Trade balance narrows in December; imports and exports both fall

February 9, 2016

The seasonally- and calendar-adjusted trade surplus narrowed from EUR 19.8 billion in November to EUR 19.4 billion in December. The trade surplus decreased over the previous month as exports and imports both dropped. Exports fell a seasonally-adjusted 1.6% over the previous month, which contrasted November’s 0.5% increase. Meanwhile, imports decreased 1.6% in December (November: +1.3% month-on-month).

Compared to the same month of the previous year, exports expanded 3.2% in December, which was down from November’s 7.8% increase and represented the slowest growth in almost a year. Imports’ growth decelerated from 5.5% in November to 3.5% in December. In the full year 2015, exports grew an annual 6.4% (2014: +6.9% year-on-year) and imports rose 4.2% (2014: +4.2% yoy), leading to a trade surplus of EUR 246.0 billion.

In a recent statement, the Federation of German Wholesale, Foreign Trade and Services (BGA) commented that German foreign trade performed solidly in 2015, with exports to both European and non-European countries recording healthy gains. In the BGA’s view, exports performed robustly thanks to their regional diversification, which allowed to weather well slowdowns in several economies, including Russia and Latin America.


Author: Teresa Kersting, Economist

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Germany Trade12m December 2015

Note: 12-month sum of trade balance in EUR billion and annual variation of the 12-month sum of exports and imports in %.
Source: Federal Statistics Office (Destatis) and FocusEconomics calculations.


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