Germany's trade surplus rose sharply in June compared with May - Destatis

According to the provisional data from the Federal Statistical Office (Destatis), Germany exported goods to the value of 96.1 billion euros and imported goods to the value of 80.5 billion euros in June 2020. Destatis also reports that exports declined by 9.4% and imports by 10.0% in June 2020 year on year.

Compared with May 2020, exports were up 14.9% and imports 7.0% after calendar and seasonal adjustment. For exports, this was the strongest month-on-month increase after calendar and seasonal adjustment since the beginning of the time series in August 1990. Imports saw the largest month-on-month increase since May 2010 (+10.6%). Compared with February 2020, the month before restrictions were imposed due to the corona pandemic, exports decreased by a calendar and seasonally adjusted 16.0%, and imports by 12.5%.

The foreign trade balance showed a surplus of 15.6 billion euros in June 2020. In June 2019, the surplus amounted to 16.5 billion euros. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of 14.5 billion euros in June 2020.

The German current account of the balance of payments showed a surplus of 22.4 billion euros in June 2020, which takes into account the balances of trade in goods (+16.1 billion euros), services (+1.6 billion euros), primary income (+6.4 billion euros) and secondary income (-1.7 billion euros).

In June 2019, the German current account showed a surplus of 19.5 billion euros.