German trade surplus expanded in August, as the export growth outpaced the rise in imports. The growing trade surplus adds a new evidence that the largest European economy was strong in the third quarter. The seasonally adjusted exports increased by 3.1% in the month, while imports grew by 1.2% compared with July, according to data from the Federal Statistical Office. This is the strongest increase in exports over the past 12 months. Both export growth and imports are higher than expected.
The German trade surplus in August 2017 reached 20 billion EUR. In August 2016, the surplus amounted to 19.6 billion EUR. The seasonally adjusted trade surplus increased to 21.6 billion EUR from the downward revision of 19.3 billion EUR in July. August data are higher than forecast for a 20 billion EUR surplus.
Germany’s current account surplus, which measures the flow of goods, services and investments, fell to 17.8 billion EUR after revised upwards of 19.6 billion EUR in July.
In August 2017, Germany exported goods for 58.6 billion EUR to the European Union (EU) Member States, importing goods from these countries worth 53.8 billion EUR. Compared to August 2016, exports to EU countries increased by 8.5% and imports rose by 10.8%.
At the same time, the dispatches to Eurozone countries valued at 36 billion EUR (+10.6% yoy), compared to 35.9 billion EUR an year ago.
Goods exports to non-EU countries (third countries) amounted to 44.4 billion EUR in the eighth month of the year, while imports from these countries amounted to 29.2 billion EUR. Compared to August last year, exports to third countries increased by 5.6% and imports from these countries grew by 4.5%.