Germany: Trade surplus widens in September despite a contraction in exports
November 9, 2017
In seasonally- and calendar-adjusted terms, Germany’s trade surplus increased to EUR 21.8 billion in September from a revised EUR 21.3 billion in August (previously reported: EUR 21.6 billion; September 2016: EUR 20.1 billion). However, exports contracted 0.4% over the previous month in September (August: +2.0% month-on-month; previously reported: +3.2% mom), while imports contracted a steeper 1.0% over the previous month (August: +0.8% mom; previously reported: +1.2% mom).
In year-on-year terms, export growth slowed from 7.3% in August (previously reported: +7.1% year-on-year) to 4.6% in September. Despite the moderation in annual export growth, the 12-month moving sum of exports rose from a revised 4.8% in the previous month (previously reported: +4.9%) to 5.2% in September. The 12-month moving sum of imports behaved in a similar vein; despite a drop in import growth in the month, the sum increased from a revised 6.6% in August (previously reported: +6.7%) to 7.3% in September. As a result, the 12-month trade balance rose again in September to EUR 242.5 billion, up from the previous month’s EUR 240.8 billion (previously reported: EUR 240.7 billion).
Commenting on the September result, Dr. Holger Bingmann, President of the Federation of German Wholesale, Foreign Trade and Services (BGA), stated that the recovery of the world economy is ongoing. Moreover, he stated that, “The new federal government can set the decisive course for ensuring that Germany remains economically sound in the future as well.”
Author: Jan Lammersen, Economist