German exports up in Sept; Volkswagen scandal a threat
German exports recovered in September, but there may be squalls ahead in the wake of the Volkswagen diesel scandal. Compared with August 2015, exports increased by a calendar and seasonally adjusted 2.6%, and imports by 3.6% — in August exports plunged 5.2% while imports dipped 3.2%.
Germany exported goods to the value of €105.9bn and imported goods to the value of €83.0bn in September 2015 according to Destatis, the federal statistics office reports that German exports increased by 4.4% and imports by 3.9% in September 2015 year on year.
The foreign trade balance showed a surplus of €22.9bn in September 2015. In September 2014, the surplus amounted to €21.6bn. In seasonal adjusted terms, the foreign trade balance recorded a surplus of €19.4bn in September 2015.
According to provisional results of the Deutsche Bundesbank, the central bank, the current account of the balance of payments showed a surplus of €25.1bn in September 2015, which takes into account the balances of trade in goods including supplementary trade items (+€25.0bn), services (–€4.1bn), primary income (+€5.9bn) and secondary income (–€1.6bn). In September 2014, the German current account showed a surplus of €22.9bn.
In September 2015, Germany dispatched goods to the value of €62.2bn to the member states of the European Union (EU), while it received goods to the value of €55.3bn from those countries. Compared with September 2014, exports to the EU countries increased by 7.4%, and imports from those countries by 6.6%. Goods to the value of €38.7bn (+6.9%) were dispatched to the Euro area countries in September 2015, while the value of the goods received from those countries was €37.8bn (+6.3%). In September 2015, goods to the value of €23.5bn (+8.4%) were dispatched to EU countries not belonging to the Euro area, while the value of the goods which arrived from those countries was €17.5bn (+7.1%).
Exports of goods to countries outside the European Union (third countries) amounted to €43.7bn in September 2015, while imports from those countries totalled €27.6bn. Compared with September 2014, exports to third countries increased by 0.4%, while imports from those countries were down 1.1%.
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.