Germany’s 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 tensions resulting in shortages of raw materials and components .

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

This figure exceeds the 13.5 billion euros recorded in June and exceeds the expectations of economists polled by the Wall Street Journal who expected a trade surplus of 12.5 billion euros.

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

The European Union’s demand for German products rose 17.7% from the same month a year ago, while that of other countries rose 6.8%, according to the data.

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

According to the provisional results of the central bank Deutsche Bundesbank, the current account of the balance of payments showed a surplus of 17.6 billion euros in July, taking into account the trade balance of goods, including additional trade items , services, primary income and secondary income. .

 

Write to Xavier Fontdegloria at [email protected]

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(END) Dow Jones Newswires

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

Copyright (c) 2021 Dow Jones & Company, Inc.


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