Germany: Trade surplus narrows on falling exports
January 9, 2015
The seasonally- and calendar-adjusted trade surplus totaled EUR 17.7 billion in November, coming in below the EUR 20.8 billion surplus registered in October.
The trade surplus in November narrowed over the previous month as exports contracted while imports grew. Exports dropped a seasonally-adjusted 2.1% over the previous month, coming in below October’s 0.5% contraction. Meanwhile, imports rose 1.5% in November, contrasting October’s 3.3% drop.
Compared to the same month last year, exports increased 1.4% (October: +5.0% year-on-year). Imports expanded 1.7% in November, coming in above October’s 0.7% rise. The 12-month sum of exports to November grew 3.5% over the same period last year and the trade surplus totaled EUR 214.8 billion, reaching yet another all-time record high.
The Federation of German Wholesale, Foreign Trade and Services (BGA) noted in a recent statement that these figures reflect the subdued global economy and that they fit into the ups and downs in recent months.