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Germany's trade surplus widened in July

8 Sep 2020 11:35 AM

Germany's foreign trade surplus reached 18.0 billion euros in July; data released by the country's Federal Statistical Office showed on Tuesday.

Exports decreased during the month by 11% on yearly basis to reach 102.3 billion euros compared to the previous month, and the number registered an increase of 4.7%, continuing their recovery for the third month in a row. Meanwhile, imports were 83.1 billion euros, or 11% less compared to last year and 1.1% higher than last month, 52.4 billion euros went to the member states of the European Union and 49.9 billion euros to other countries.

And compared to February, a month before the lockdown due to the coronavirus, seasonally adjusted exports decreased by 12.1%, and imports decreased 11.5%.

According to interim results from Deutsche Bundesbank, the current account of the Balance of Payments showed a surplus of € 20.0 billion, which considers trade balances in goods including items of complementary trade, services, primary income and secondary income.

The trade numbers come on the heels of data released earlier this week, which showed a slowdown in the German industrial sector's recovery in July. Manufacturing orders increased by 2.8% and industrial production recorded a gain of 1.2%.

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