German exports / imports fell in August; Trade surplus rose
Both German exports and imports fell in August while the trade surplus rose according to data issued Thursday by Destatis, the federal statistics office. The plunge in exports was the worst since 2009 and reflects the poor trading situation of emerging economies led by China.
Germany exported goods to the value of €88.0bn and imported goods to the value of €72.8bn in August 2015. Based on provisional data, Destatis also reports that German exports increased by 5.0% and imports by 4.0% in August 2015 year on year. Compared with July 2015, exports decreased a calendar and seasonally adjusted 5.2%, and imports by 3.1%.
The foreign trade balance showed a surplus of €15.3bn in August 2015. In August 2014, the surplus amounted to +€13.9bn. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of €19.6bn in August 2015.
According to provisional results of the Deutsche Bundesbank, the central bank, the current account of the balance of payments showed a surplus of €12.3bn in August 2015, which takes into account the balances of trade in goods including supplementary trade items (+€16.2bn), services (-€6.7bn), primary income (+€5.6bn) and secondary income (-€2.8bn). In August 2014, the German current account showed a surplus of €11.1bn.
In August 2015, Germany shipped goods to the value of €49.4bn to the member states of the European Union (EU), while it received goods to the value of €46.2bn from those countries. Compared with August 2014, exports to the EU countries increased by 3.5%, and imports from those countries by 4.4%. Goods to the value of €30.0bn (+2.1%) were dispatched to the Euro Area countries in August 2015, while the value of the goods received from those countries was €31.5bn (+3.2%). In August 2015, goods to the value of €19.3bn (+5.8%) were dispatched to EU countries not belonging to the Euro Area, while the value of the goods which arrived from those countries was 14.8bn (+7.1%).
Exports of goods to countries outside the European Union (third countries) amounted to €38.7bn in August 2015, while imports from those countries totalled €26.5bn. Compared with August 2014, exports to third countries increased by 6.8% and imports from those countries by 3.2%.
The Eurozone imports are exaggerated by transhipments through the Dutch port of Rotterdam that are initially classified as of Dutch origin but are later reclassified as originating in ex-EU 28 countries.
Pic above: Oktoberfest in Bavaria 2015