Germany Balance of Trade
Oct 31, 2023
Jan 05, 2024
Time to Release
30 Days 15 Hours
|5,614.32 EUR Million||1950-2023||Federal Statistical Office|
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's trade surplus widened to EUR 17.8 billion in October 2023, surpassing market expectations of EUR 17.1 billion and up from a slightly revised EUR 16.7 billion in the previous month, driven by a sharper decline in imports compared to exports. Purchases decreased by 1.2% to EUR 108.6 billion, hitting their lowest point since November 2021, missing the anticipated 0.8% increase. Imports from the EU fell by 2.8%, while those from non-EU countries increased by 0.8%, particularly from the US (2.2%) and Russia (6.6%). However, imports from China dropped by 2.4%, and those from the UK saw a significant decline of 15.1%. Meanwhile, exports dipped by 0.2% to EUR 126.4 billion, marking the lowest value since March 2022, in contrast to the expected 1.1% rise. Exports to the EU decreased by 2.7%, while those to third countries rose, notably to the US (5.7%), China (1.5%), and the UK (5.6%). However, exports from Russia declined by 5.0%.
Germany Balance of Trade History
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