Eurozone's trade surplus shrank sharply in August

According to the report from the Federal Statistical Office (Destatis), in August 2021, German exports were down by 1.2% and imports were up by 3.5% on a calendar and seasonally adjusted basis compared with July 2021. Destatis also reports that, after calendar and seasonal adjustment, exports were 0.5% and imports 9.9% higher than in February 2020, the month before restrictions were imposed due to the coronavirus pandemic in Germany.

In August 2021, exports of goods amounted to 104.4 billion euros and imports of goods to 93.8 billion euros. Compared with August 2020, exports increased by 14.4% and imports by 18.1% in August 2021.

The foreign trade balance showed a surplus of 10.7 billion euros in August 2021. In August 2020, the surplus amounted to 11.9 billion euros. The calendar and seasonally adjusted surplus in August 2021 was 13.0 billion euros.

The current account of the balance of payments showed a surplus of 11.8 billion euros in August 2021, which takes into account the balances of trade in goods (+11.0 billion euros), services (-4.8 billion euros), primary income (+10.3 billion euros) and secondary income (-4.8 billion euros). In August 2020, the current account showed a surplus of 16.7 billion euros.