Germany: Trade balance widens and exports rebound in February
April 8, 2016
The seasonally- and calendar-adjusted trade surplus increased from EUR 18.7 billion in January, which had marked the smallest surplus in over a year, to EUR 19.7 billion in February. The trade surplus widened over the previous month as exports rose at a faster pace than imports. Exports grew a seasonally-adjusted 1.3% over the previous month (January: -0.6% month-on-month). Meanwhile, imports increased 0.5% in February (January: -1.5% mom).
Compared to the same month last year, exports increased 4.1% in February, which was the highest reading in three months and contrasted January’s 1.5% decrease. Imports’ growth picked up from 1.6% in January to 4.1% in February. In the 12 months to February, exports grew an annual 6.3%, matching January’s result, while imports rose 4.7% (January: +4.4% year-on-year), bringing the 12-month trade balance to EUR 244.5 billion.
In a recent statement, the Federation of German Wholesale, Foreign Trade and Services (BGA) commented that after a weak start to the year, exports have now returned to a growth path. The BGA pointed out that Germany particularly benefits from trade with its European neighbors, while trade with non-European countries was subdued, despite of the ECB’s loose monetary policy.