Germany Trade

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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.


Author: Teresa Kersting, Economist

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Germany Trade Chart


Germany Trade12m November 2014

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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