Germany: Trade surplus widens; exports slow down
December 9, 2014
The seasonally- and calendar-adjusted trade surplus totaled EUR 20.6 billion in October, coming in notably above the EUR 18.6 billion surplus registered in September.
The trade surplus in October widened over the previous month as imports tallied a larger contraction than exports. Exports dropped a seasonally-adjusted 0.5% over the previous month, contrasting September’s 5.5% expansion, which had marked the largest increase since May 2010. Meanwhile, imports contracted at an even faster pace, falling 3.1% in October and contrasting September’s solid 5.2% increase, which had marked the largest gain since May 2010.
Compared to the same month last year, exports increased 4.9% (September: +8.6% year-on-year). Imports expanded a meagre 0.9% in October, coming in markedly below September’s 8.2% rise. The 12-month sum of exports to October grew 3.4% over the same period last year and the trade surplus totaled EUR 214.2 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 underline that the German economy continues to be well positioned in the global markets.