Merchandise exports dropped 1.2% month-on-month in August on a calendar- and seasonally-adjusted basis, swinging from July’s 0.6% expansion. Goods imports, meanwhile, rose 3.5% over the prior month in August, swinging from a 3.6% contraction recorded in the prior month. The calendar- and seasonally-adjusted trade surplus consequently narrowed to EUR 13.0 billion in August from EUR 17.9 billion in July.
On an annual basis, exports of goods jumped 14.4% in August after July’s 12.4% increase. Imports of goods, meanwhile, rose 18.1% in August, up from July’s 16.6% increase.
Analysts at the EIU commented on Germany’s external sector outlook, adding:
“Germany's current-account surpluses were the world's largest in nominal terms in the four years to 2019, and we expect them to be so again from 2021, after falling below China's last year. They are underpinned by large trade surpluses, reflecting the competitiveness of the manufacturing sector. This will continue to generate large domestic savings that are mainly invested abroad, leading to a solid primary income surplus.”