German Trade Surplus Widened in July as Imports Fell

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   By Xavier Fontdegloria 

Germany’s trade surplus widened in July as exports continued to grow while imports fell amid widespread supply-chain strains that are leading to shortages in raw materials and components.

Germany’s trade surplus–the balance of exports and imports of goods–stood at 17.9 billion euros ($21.15 billion) in calendar and seasonally adjusted terms in July, data from the country’s statistics office Destatis showed Thursday.

The figure is above the EUR13.5 billion registered in June and tops expectations from economists polled by The Wall Street Journal who had forecast the trade surplus at EUR12.5 billion.

Exports rose 0.5% in July compared with the previous month in adjusted terms, Destatis said, in line with expectations. Imports decreased 3.6% on month.

Demand from the European Union for German goods was up 17.7%, compared with the same month a year ago, while that from other countries climbed 6.8%, the data showed.

In July, exports were 1.6% higher and imports 5.9% higher than in February 2020, the month before restrictions were imposed in Germany because of the coronavirus pandemic.

According to provisional results from central bank Deutsche Bundesbank, the current account of the balance of payments showed a EUR17.6 billion surplus in July, taking into account the balance of trade in goods including supplementary trade items, services, primary income, and secondary income.


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(END) Dow Jones Newswires

September 09, 2021 02:33 ET (06:33 GMT)

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