Germany's trade surplus fell sharply in March

According to the report from Federal Statistical Office (Destatis), Germany exported goods to the value of 108.9 billion euros and imported goods to the value of 91.6 billion euros in March 2020. Destatis also reports that exports declined by 7.9% and imports by 4.5% in March 2020 year on year. Compared with February 2020, exports were down 11.8% and imports 5.1% after calendar and seasonal adjustment.

For exports, this was the strongest month-on-month decline after calendar and seasonal adjustment since the beginning of the time series in August 1990. Imports saw the largest month-on-month decrease since January 2009 (-6.5%).

The foreign trade balance showed a surplus of 17.4 billion euros in March 2020. In March 2019, the surplus was 22.3 billion euros. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of 12.8 billion euros in March 2020.

The German current account of the balance of payments showed a surplus of 24.4 billion euros in March 2020, which takes into account the balances of trade in goods (+18.0 billion euros), services (-0.3 billion euros), primary income (+9.5 billion euros) and secondary income (-2.7 billion euros). In March 2019, the German current account showed a surplus of 30.9 billion euros.