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- Germany’s trade surplus widens in July
Germany’s trade surplus widens in July
The
Federal Statistical Office (Destatis) reported on Thursday that Germany's trade
surplus (non-adjusted) expanded to EUR18.1 billion in July from an unrevised
EUR16.3 billion in June, but was lower than a surplus of EUR 19.2
billion recorded in the same month a year earlier. The July reading was the highest since March.
According
to the report, German exports fell 3.1 percent m-o-m and imports decreased 5.5
percent m-o-m in July. In y-o-y terms, exports jumped 12.4 percent y-o-y and
imports soared 16.6 percent y-o-y in July.
On a
seasonally adjusted basis, the trade surplus rose to EUR17.9 billion in July
from EUR13.6 billion in June. Economists had expected a surplus of EUR13.0
billion for July. Exports increased 0.5 percent m-o-m on a seasonally adjusted
basis, while imports fell 3.8 percent m-o-m. Compared to February 2020, the
month before coronavirus restrictions were imposed in Germany, exports were up 1.6
percent and imports were up 5.9 percent.
The
current account of the balance of payments posted a surplus of EUR17.6 billion
in July compared to EUR22.5 billion in the previous month and EUR20.2 in the
corresponding period of 2020.
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