Germany's trade surplus fell sharply in August

According to the report from the Federal Statistical Office (Destatis), in August 2020, German exports were up 2.4% and imports 5.8% on July 2020 after calendar and seasonal adjustment. Destatis also reports that, compared with February 2020, the month before restrictions were imposed due to the corona pandemic, exports were down 9.9%, and imports 6.4% when adjusted for calendar and seasonal variations.

Germany exported goods to the value of 91.2 billion euros and imported goods to the value of 78.5 billion euros in August 2020. Compared with August 2019, exports decreased by 10.2%, and imports by 7.9% in August 2020.

The foreign trade balance showed a surplus of 12.8 billion euros in August 2020. In August 2019, the surplus amounted to 16.4 billion euros. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of 15.7 billion euros in August 2020.

The German current account of the balance of payments showed a surplus of 16.5 billion euros in August 2020, which takes into account the balances of trade in goods (+14.4 billion euros), services (-2.9 billion euros), primary income (+8.2 billion euros) and secondary income (-3.2 billion euros). In August 2019, the German current account showed a surplus of 15.9 billion euros.