German imports and exports fall in June


German imports and exports fall in June

Tue, 08 August 2017
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(ShareCast News) - Germany's foreign trade surplus increased last month but only because import growth fell more sharply than exports.
In seasonally adjusted terms, the surplus increased from €20.3bn to €21.2bn, according to the Federal Office of Statistics.

That was less than the €23.9bn which economists had penciled in.

Exports declined by 2.8% month-on-month to reach €104.9bn while purchases from overseas fell by 4.5% to €83.7bn.

Versus a year ago, and in non-calendar nor seasonally adjusted terms, exports were 0.7% higher and imports ahead by 3.6%.

Also in non-calendar or seasonally adjusted terms, year-to-date German exports were ahead by 6.1% to €638.4bn, with the bulk of those headed towards other EU member states to the tune of €377.1bn, of which €140.5bn went to its non-euro area member countries.

Exports to countries from outside the EU were up by 7% to €261.4bn.

On the import side of the equation, total imports had grown by 7.5% year-to-date to reach €338.7bn, with purchases from non-euro area nations rising by 9.4% to €109.7bn and those from third countries by 12.4% to €177.3bn.

Imports from other Eurozone countries increased 6.7% to €228.9bn.

According to the country's central bank, during the same month Germany's current account balance stood at €23.6bn versus €16bn in May.