Germany: Trade surplus increases in August
October 8, 2013
In August, the seasonally and calendar adjusted trade balance recorded a EUR 15.6 billion surplus. The figure was above both the EUR 15.0 surplus observed in July and market expectations of a EUR 15.1 billion surplus.
The trade surplus rose as exports increased 1.0% over the previous month in seasonally-adjusted terms in August (July: -0.8% month-on-month). The reading slightly beat market expectations of a 0.8% increase. Meanwhile, imports advanced to a 0.4% expansion, up slightly from the 0.3% expansion registered in July.
Compared to the same month last year, however, shipments abroad fell 5.5% in August (July: -1.2% year-on-year). In contrast, imports decreased 2.3% annually in the same month (July: +0.8% yoy).
Sluggish in global trade prompted the Federation of German Wholesale, Foreign Trade and Services (BGA) to revise Germany's exports forecasts for this year and now expects overseas sales to grow nearly 1.0%. The estimate is down from its previous 3.0% expansion.
Author: Carl Kelly, Economist