German trade balance misses forecast in August
Germany’s trade surplus fell short of forecasts in August, as exports registered their biggest decline in almost seven years.
According to data released on Thursday by the country’s Federal Statistical Office, trade surplus, adjusted for seasonal swings and calendar effects, declined from €22.4bn (£16.5bn) in July to €19.6bn in September.
On an unadjusted basis, the trade surplus fell from €25bn in July to €15.3bn, compared with consensus for a €19bn reading.
The narrower surplus was largely attributable to a 5.2% month-on-month slump in exports, the biggest decline since January 2009.
The drop in exports followed an upwardly revised 2.2% gain in August and was much wider than the 0.9% fall analysts expected.
On a year-on-year basis, exports grew 5% compared with a 6.3% advance in the previous month.
Meanwhile, imports fell 3.1% month-on-month compared with a 2.3% rise in July and grew 4% year-on-year, pulling back from a 6.2% rise registered in the previous month.
The current account showed a surplus of €12.3bn compared with an upwardly revised €24.7bn in July and short of expectations for a €16.7bn reading.