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.