Germany's trade surplus narrowed to EUR 18.3 billion in November 2019 from EUR 20.2 billion in the same month the previous year, as exports fell 2.9 percent on the back of lower sales to both the EU (-2.4 percent) and non-EU countries (-3.5 percent). Meanwhile, imports declined at a softer 1.6 percent as purchases from the EU dropped 1.4 percent and those from third countries fell 1.8 percent. On a seasonally adjusted basis, the trade surplus was also down to EUR 18.3 billion from a marginally revised EUR 20.4 billion in October and below market consensus of EUR 20 billion. Exports dropped 2.3 percent, much worse than expectations of a 0.5 percent fall; while imports declined 0.5 percent, missing forecasts of a 0.2 percent growth. Balance of Trade in Germany averaged 5399.37 EUR Million from 1950 until 2019, reaching an all time high of 25455.63 EUR Million in March of 2016 and a record low of -535.91 EUR Million in April of 1991. source: Federal Statistical Office

Balance of Trade in Germany is expected to be 23000.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Germany to stand at 9400.00 in 12 months time. In the long-term, the Germany Balance of Trade is projected to trend around 4600.00 EUR Million in 2020, according to our econometric models.

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Germany Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
18337.00 21311.62 25455.63 -535.91 1950 - 2019 EUR Million Monthly
Current Prices, NSA



Calendar GMT Actual Previous Consensus TEForecast
2019-10-10 06:00 AM Aug €16.2B €21.6B €14.1B
2019-11-08 07:00 AM Sep €21.1B €16.4B €17.2B
2019-12-09 07:00 AM Oct €21.5B €21.2B €17.5B
2020-01-09 07:00 AM Nov €18.3B €21.3B €19.9B
2020-02-07 07:00 AM Dec €18.3B € 14B


News Stream
2019-12-09
German Trade Surplus Widens in October
Germany's trade surplus widened to EUR 21.5 billion in October 2019 from EUR 18.7 billion in the same month of the previous year. Exports rose 1.9 percent to EUR 119.5 billion while imports declined 0.6 percent to EUR 98.0 billion. On a seasonally adjusted basis, the country's trade surplus unexpectedly increased to EUR 20.6 billion in October from EUR 19.2 billion in September, above market consensus of EUR 19 billion, as exports rose 1.2 percent, easily beating expectations of a 0.7 percent fall; while imports were flat compared to consensus of a 0.1 percent decline.

2019-11-08
German Trade Surplus Widens in September
Germany's trade surplus widened to EUR 21.1 billion in September 2019 from EUR 18.2 billion in the same month last year, as exports advanced 4.6 percent to EUR 114.2 billion, while imports grew 2.3 percent to EUR 93 billion. Considering the first nine months of the year, the trade surplus narrowed to EUR 168.8 billion from EUR 175.8 billion in the corresponding period 2018.

2019-10-10
German Trade Surplus Narrows in August
Germany's trade surplus narrowed to EUR 16.2 billion in August 2019 from EUR 17.6 billion in the same month last year, as exports declined 3.9 percent to EUR 101.2 billion and imports shrank 3.1 percent to EUR 85 billion. Considering the first eight months of the year, the trade surplus shrank to EUR 147.5 billion from EUR 156.4 billion in the corresponding period of 2018.

2019-09-09
German Trade Surplus Widens Sharply in July
Germany's trade surplus widened to EUR 21.4 billion in July 2019 from EUR 16.4 billion in the same month last year, as exports rose 3.8 percent while imports fell 0.9 percent. Considering the first seven months of the year, the trade surplus narrowed to EUR 131.1 billion from EUR 138.8 billion in the corresponding period of 2018. On a seasonally adjusted basis, the trade surplus widened to EUR 20.2 billion in July from a revised EUR 18.0 billion in June and above market consensus of EUR 17.5 billion. Exports went up 0.7 percent, easily beating expectations of a 0.5 percent drop; while imports declined 1.5 percent, worse than market consensus of a 0.3 percent fall.

2019-08-09
German Trade Surplus Narrows in June
The German trade surplus narrowed to EUR 16.8 billion in June 2019 from EUR 22.0 billion in the same month a year earlier, as exports tumbled 8 percent and imports declined at a softer 4.4 percent. Considering the first half of the year, the trade surplus decreased to EUR 109.9 billion from EUR 122.4 billion in the corresponding period of 2018. On a seasonally adjusted basis, the trade surplus narrowed to EUR 18.1 billion in June from EUR 18.7 billion in June, missing market consensus of EUR 18.6 billion. Exports fell 0.1 percent, matching expectations, while imports rose 0.5 percent, beating consensus of a 0.3 percent gain.

2019-07-08
German Trade Surplus Widens in May
The German trade surplus widened slightly to EUR 20.6 billion in May 2019 from EUR 20.0 billion in the same month a year earlier, as exports advanced 4.5 percent to EUR 113.9 billion and imports rose 4.9 percent to EUR 93.4 billion. On a seasonally adjusted basis, the trade surplus increased to EUR 18.7 billion in May from a revised EUR 16.9 billion in April, beating market consensus of EUR 17 billion. Exports rose by 1.1 percent, above expectations of a 0.5 percent growth; while imports fell unexpectedly by 0.5 percent, against consensus of a 0.3 percent gain.


Germany Balance of Trade
Germany runs regular trade surpluses since 1952, primarily due to strong exports of vehicles and other machinery. In 2017, the largest trade surpluses were recorded with the US, the UK, France, Austria, Spain, Sweden and the UAE; while the biggest trade deficits were recorded with China, Vietnam, Norway, Russia, the Netherlands, Ireland and Czech Republic.

Germany Trade Last Previous Highest Lowest Unit
Balance of Trade 18337.00 21311.62 25455.63 -535.91 EUR Million [+]
Current Account 24900.00 22900.00 32686.70 -9353.00 EUR Million [+]
Current Account to GDP 7.60 8.30 8.60 -1.80 percent [+]
Imports 94580.00 98436.66 98544.67 346.78 EUR Million [+]
Exports 112917.00 119748.28 119748.28 226.39 EUR Million [+]
External Debt 5164628.00 5097491.00 5164628.00 1795598.00 EUR Million [+]
Capital Flows 30367.86 27266.14 46159.18 -28680.00 EUR Million [+]
Foreign Direct Investment 12459.66 -1117.95 141351.68 -32189.54 EUR Million [+]
Gold Reserves 3366.77 3366.77 3468.60 3366.77 Tonnes [+]
Terms Of Trade 100.89 101.39 105.65 73.51 points [+]
Terrorism Index 4.25 4.60 4.92 1.77 [+]
Tourist Arrivals 38881.00 37452.00 38881.00 14347.00 Thousand [+]
Weapons Sales 1277.00 1980.00 3311.00 12.00 USD Million [+]
Crude Oil Production 38.00 39.00 79.00 37.00 BBL/D/1K [+]