EU Economy
German exports fell in June — surplus at record; Exports up 13.7% year-on-year
By Michael Hennigan, editor and founder of Finfacts
Aug 7, 2015 - 7:56 AM

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Angela Merkel, German chancellor, in her annual summer interview with ARD, July 19, 2015

German exports and imports fell in the month of June but the year-on-year data are up sharply according to Destatis, the federal statistics office. There was a record monthly surplus and falling oil prices was a factor.

Germany exported goods to the value of €105.9bn and imported goods to the value of €81.9bn in June 2015. Based on provisional data German exports increased by 13.7% and imports by 6.4% in June 2015 year on year. After seasonal adjustment, exports fell by 1.0% and imports by 0.5% compared with May 2015.

The foreign trade balance showed a record surplus of €24.0bn in June 2015. In June 2014, the surplus amounted to €16.2bn. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of €22.0bn in June 2015.

According to the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of €24.4bn in June 2015, which takes into account the balances of trade in goods including supplementary trade items (+€25.6bn), services (–€3.8bn), factor income net (+€4.8bn) and secondary income (–€2.3bn). In June 2014, the German current account showed a surplus of €16.9bn.

In June 2015, Germany shipped goods to the value of €61.5bn to the member states of the European Union (EU), while it received goods to the value of €53.7bn from those countries. Compared with June 2014, exports to the EU countries increased by 12.2%, and imports from those countries by 5.1%.

Goods to the value of €38.9bn (+11.0%) were dispatched to the Euro Area countries in June 2015, while the value of the goods received from those countries was €36.9bn (+3.6%)*. In June 2015, goods to the value of €22.6bn (+14.2%) were dispatched to EU countries not belonging to the Euro Area, while the value of the goods which arrived from those countries was €16.8bn (+8.4%).

Exports of goods to countries outside the European Union (third countries) amounted to €44.5bn in June 2015, while imports from those countries totalled €28.2bn. Compared with June 2014, exports to third countries rose by 15.8% and imports from those countries by 8.9%.

*This data is distorted by imports via the port of Rotterdam in the Netherlands, which have to be reclassified to countries outside the Euro Area.

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The Wall Street Journal reported yesterday that data from Germany’s economics ministry showed Thursday that manufacturing orders, adjusted for seasonal swings and inflation, surged 2.0% in June from the previous month, bringing the volume of total orders back to levels last seen in April 2008.

“The trend in orders is clearly pointing upwards,” indicating an ongoing, albeit modest, expansion in German industry, the ministry said.

But economists warned that the data—beating forecasts of a 0.2% monthly increase—were inflated by an unusually high volume of bulk orders.

AIDA Cruises, a German cruise line which belongs to Carnival Corporation, placed orders in June for two new ships with Meyer Werft in Lower Saxony. Airbus Group SE, which builds single-aisle planes in Germany, also reported strong aircraft orders during June’s Paris Air Show.

“Excluding such effects, demand was up a more moderate 0.3%,” said Andreas Rees, UniCredit’s chief German economist.

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