German Balance of Trade Surplus Narrows as Imports Grow Faster Than Exports

Source: Destatis

Germany’s balance of trade surplus narrowed in August, as the growth of imports outpaced that of exports. EWG is up 0.37% premarket.

• The country’s balance of payments stood at an 11.8-billion euro surplus during the month, lower than the 16.7 billion euros the same period last year.
• The latest reading covers a balance of trade in goods up 11.0 billion euros, services down 4.8 billion euros, primary income up 10.3 billion euros, and secondary income down 4.8 billion euros.
• Exports for the month were 104.4 billion euros, down 1.2% from the previous month but 14.4% higher the previous year.
• Exports include 55.7 billion euros to the Member States of the European Union and  48.8 billion to areas outside the EU.
• Imports were recorded at 93.8 billion euros, 3.5% higher than the previous month and 18.1% up the same month last year.
• Imports include 47.0. billion euros worth of goods from EU members, and 46.8 billion euros from countries outside the union.