Germany Trade

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Germany: Trade surplus reaches another record high on increasing exports

February 9, 2015

The seasonally- and calendar-adjusted trade surplus rose from November’s EUR 17.9 billion to a record-high EUR 21.8 billion in December.

The trade surplus in December widened over the previous month as exports grew while imports contracted. Exports increased a seasonally-adjusted 3.4% over the previous month, contrasting November’s 2.2% drop. Meanwhile, imports fell 0.8% in December, contrasting November’s 1.2% rise.

Compared to the same month of the previous year, exports increased 10.0% (November: +1.6% year-on-year). Imports expanded 4.0% annually in December, coming in above November’s 1.9% rise. In the full year 2014, the trade surplus reached EUR 218.7 billion, which represents yet another all-time high (2013: EUR 197 billion). The 12-month sum of exports to December grew 3.7% over the same period of the previous year.

The Federation of German Wholesale, Foreign Trade and Services (BGA) noted in a recent statement that the weak euro is likely to support export growth this year and it expects exports to expand at a solid pace in 2015, despite risks from the euro-bailout policy and the Russia-Ukraine conflict.


Author: Teresa Kersting, Economist

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Germany Trade Chart


Germany Trade12m December 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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