Trade balance, published by the Statistical office of Germany (Destatis), in August, without taking into account seasonal fluctuations amounted to 20.0 billion euros, higher than the previous value of 19.6 billion euros (revised from 19.3 billion euros).
In a report, Destatis noted, the balance of foreign trade of Germany increased in August as exports grew faster than imports.
Exports increased in August with a seasonally adjusted 3.1% compared to the previous month, when growth was only 0.2%. Economists had expected a growth rate of 1.0%. Imports grew at a slower pace of 1.2 percent after increasing 2.4% in the previous month.
As a result, the surplus in the trade balance, adjusted for seasonal variations increased to 21.6 billion Euro with 19.3 billion Euro in the previous month. Economists had expected the surplus to increase to 19.5 billion euros.
Annual export growth declined to 7.2% from 8.0%. Similarly, imports increased by 8.5% after expanding 9.6% previously.
The current account of the balance of payments showed a positive balance in the amount of EUR 17.8 billion in August vs € 16.9 billion in the corresponding month last year. The expected balance was a surplus of 17.0 billion euros.
Information-analytical Department Forex club