Germany Trade November 2015


Germany: Trade balance narrows in November; imports expand more than exports

January 8, 2016

The seasonally- and calendar-adjusted trade surplus narrowed from EUR 20.5 billion in October to EUR 19.7 billion in November. The trade surplus decreased over the previous month as imports grew at a faster pace than exports. Exports rose a seasonally-adjusted 0.5% over the previous month, which contrasted October’s 1.3% decrease. Meanwhile, imports expanded 1.7% in November (October: -3.2% month-on-month).

Compared to the same month of the previous year, exports gained a sizable 7.8% in November, marking the largest expansion in five months and an acceleration over October’s 3.2% rise. Imports’ growth picked up from 3.0% in October to 5.5% in November. The 12-month sum of exports to November grew 6.9% over the same period of the previous year and the 12-month trade surplus totaled EUR 247.1 billion, reaching yet another all-time high.

In a recent statement, the Federation of German Wholesale, Foreign Trade and Services (BGA) commented that German foreign trade gained steam in November, with exports recording notable growth in annual terms. Thereby, double-digit growth in exports to the U.S. and U.K., along with robust growth from Europe, more than compensated for weaker demand from China and other emerging economies.

Author: Teresa Kersting, Economist

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Germany Trade Chart

Germany Trade12m November 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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