Germany's trade surplus fell sharply in August

According to the report from Federal Statistical Office (Destatis), Germany exported goods to the value of 101.2 billion euros and imported goods to the value of 85.0 billion euros in August 2019. Destatis also reports that German exports decreased by 3.9% and imports by 3.1% in August 2019 year on year. After calendar and seasonal adjustment, exports were down 1.8% and imports up 0.5% compared with July 2019.

The foreign trade balance showed a surplus of 16.2 billion euros in August 2019. In August 2018, the surplus amounted to 17.6 billion euros. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of 18.1 billion euros in August 2019.

A separate report from Deutsche Bundesbank showed, the current account of the balance of payments showed a surplus of 16.9 billion euros in August 2019, which takes into account the balances of trade in goods including supplementary trade items (+17.0 billion euros), services (-5.0 billion euros), primary income (+9.1 billion euros) and secondary income (-4.2 billion euros). In August 2018, the German current account showed a surplus of 15.2 billion euros.

In August 2019, Germany exported goods to the value of 57.5 billion euros to the Member States of the European Union (EU), while it imported goods to the value of 47.2 billion euros from those countries. Compared with August 2018, exports to the EU countries decreased by 3.3%, and imports from those countries by 2.7%.