Germany's trade surplus fell moderately in October

According to the report from the Federal Statistical Office (Destatis), in October 2020, German exports were up 0.8% and imports 0.3% on September 2020 after calendar and seasonal adjustment. Based on provisional data, Destatis also reports that, after calendar and seasonal adjustment, exports were by 6.8%, and imports by 5.2%, lower than in February 2020, the month before restrictions were imposed due to the corona pandemic in Germany.

Germany exported goods to the value of 112.0 billion euros and imported goods to the value of 92.7 billion euros in October 2020. Compared with October 2019, exports decreased by 6.5%, and imports by 5.9% in October 2020.

The foreign trade balance showed a surplus of 19.4 billion euros in October 2020. In October 2019, the surplus amounted to 21.3 billion euros. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of 18.2 billion euros in October 2020.

The German current account of the balance of payments showed a surplus of 22.5 billion euros in October 2020, which takes into account the balances of trade in goods (+20.0 billion euros), services (-0.2 billion euros), primary income (+7.1 billion euros) and secondary income (-4.3 billion euros). In October 2019, the German current account showed a surplus of 19.0 billion euros.