Germany: Trade surplus widens; exports expand at fastest pace in over four years
November 7, 2014
The seasonally- and calendar-adjusted trade surplus totaled EUR 18.5 billion in September, which represented an improvement over the EUR 17.4 billion surplus registered in August.
The trade surplus in September widened over the previous month as exports rebounded stronger than imports. Exports rose a seasonally-adjusted 5.5% over the previous month—the largest increase since May 2010— sharply contrasting August’s 5.8% contraction. Meanwhile, imports rebounded from August’s 1.3% drop to a 5.4% increase, the fastest pace of growth since May 2010.
Compared to the same month last year, exports also grew, increasing 8.4% (August: -1.0% year-on-year), recovering the ground lost in the previous month. Imports expanded 8.5% in September, which contrasted the 2.4% contraction registered in the previous month. The 12-month sum of exports to September grew 3.1% over the same period last year and the trade surplus totaled EUR 210.1 billion, reaching an all-time record high.
The Federation of German Wholesale, Foreign Trade and Services (BGA) remained cautious in a recent statement, pointing out that even though exports recovered strongly in September, the overall situation is still too inconsistent to speak of a positive trend in foreign trade, particularly in view of the current international crises.