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Economic Buzz: German Foreign Trade Shrinks, Exports Take Hit Of 2.4%

capital market | Mumbai | February 12, 2014 21:38 IST

Economic Buzz: German Foreign Trade Shrinks, Exports Take Hit Of 2.4%

German exports and imports increased in the month of August 2012. Destatis, the federal statistics office, said this morning that following seasonal adjustments, exports increased by 2.4% and imports by 0.3% compared with July 2012. There was a slight deficit in trade with the other 16 members of the Eurozone. Germany exported commodities to the value of 90.1 billion (bn) and imported commodities to the value of 73.8bn in August 2012. Destatis also reports on the basis of provisional data that German exports rose by 5.8% and imports by 0.4% in August 2012 on August 2011.

The foreign trade balance showed a surplus of 16.3bn in August 2012. In August 2011, the surplus had amounted to 11.6bn. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of 18.3bn in August 2012.

According to provisional results of the Deutsche Bundesbank, the central bank, the current account of the balance of payments showed a surplus of 11.1bn in August 2012, which included the balance of services (- 3.9bn), factor income net (+ 4.8bn), current transfers (- 3.5bn), and supplementary trade items (- 2.6bn). In August 2011, the German current account had showed a surplus of 7.9bn.

In August 2012, Germany dispatched commodities to the value of 48.7bn to the member states of the European Union, while it received commodities to the value of 45.0bn from those countries. Compared with August 2011, dispatches to the EU countries increased by 0.4%, and arrivals from those countries by 0.7%. 

Exports of commodities to countries outside the European Union (third countries) amounted to 41.4bn in August 2012, while imports from those countries totalled 28.8bn.

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