By Maria Martinez
Germany’s trade surplus narrowed in August, as exports declined 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 13.0 billion euros ($15.0 billion) in calendar and seasonally adjusted terms in August, data from the country’s statistics office Destatis showed Friday.
The figure is below expectations from economists polled by The Wall Street Journal who had forecast the trade surplus at EUR15.0 billion.
Exports fell 1.2% in August compared with the previous month in adjusted terms, Destatis said. Imports increased 3.5% on month. In August, exports of goods amounted to EUR104.4 billion and imports of goods amounted to EUR93.8 billion.
In August, exports were 0.5% higher and imports 9.9% higher than in February 2020, the month before restrictions were imposed in Germany because of the coronavirus pandemic.
Compared with August 2020, exports to the European Union countries increased by 15.7% and imports from those countries rose by 11.2%, the data showed.
According to provisional results from central bank Deutsche Bundesbank, the current account of the balance of payments showed a EUR11.8 billion surplus in August, 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
October 08, 2021 02:41 ET (06:41 GMT)
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