Germany Trade June 2016

Germany

Germany: Trade surplus narrows in June as imports grow faster than exports

August 9, 2016

The seasonally- and calendar-adjusted trade surplus decreased from EUR 22.2 billion in May to EUR 21.7 billion in June, as import growth outpaced export growth. On a seasonally-adjusted basis, exports rose 0.3% over the previous month (May: -1.8% month-on-month). Meanwhile, imports increased 1.0% in June over the previous month (May: 0.0% mom).

Compared to the same month last year, exports increased 1.2% in June, which was below May’s 1.6% expansion. Imports rose a moderate 0.3% compared to the same month last year (May: -0.1% year-on-year). In the 12 months up to June, exports grew an annual 3.3%, which was down from May’s 4.4% increase. At the same time, imports increased 2.4% (May: +3.0% year-on-year), and thus the 12-month trade balance inched up from EUR 250.5 billion in May to EUR 250.6 billion in June, reaching yet another record-high.

In a recent statement, the Federation of German Wholesale, Foreign Trade and Services (BGA) commented that German trade closed the first half of this year on a somewhat sluggish note. However, the BGA expressed that it was still satisfied with the performance of German trade in this period given heightened uncertainty and risks in the global economy.


Author: Teresa Kersting, Economist

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Germany Trade12m June 2016

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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