Germany Trade

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Germany: Trade surplus widens on surging exports and falling imports

September 9, 2014

The seasonally- and calendar-adjusted trade surplus totaled EUR 22.2 billion in July. The reading represented a notable improvement over the EUR 16.3 billion surplus registered in June and overshot the EUR 17.0 billion surplus the market had expected.

The trade surplus in July widened over the previous month as exports accelerated, whereas imports deteriorated. Exports increased a seasonally-adjusted 4.7% over the previous month—the fastest monthly expansion in 26 months—and came in well above the 1.0% expansion tallied in June. Meanwhile, imports swung from a 4.5% expansion in June to a 1.8% contraction in July.

Compared to the same month last year, exports also accelerated and grew 9.8% in July (June: +2.6% year-on-year), which marked the fastest expansion in 15 months. Imports expanded 2.5% in July, which marked a slowdown over the 6.6% increase registered in the previous month. The 12-month sum of exports to July grew 3.0% over the same period last year and the trade surplus totaled EUR 208.9 billion.

The Federation of German Wholesale, Foreign Trade and Services (BGA) recently stated that, despite the positive results in the external sector registered in the first half of the year, many exporters are concerned about the escalation of the trade conflict between Russia and the European Union.


Author:, Senior Economist

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Germany Trade Chart


Germany Trade12m July 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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