German imports and exports rose in August, official data showed on Wednesday, reducing the trade surplus more than expected.
According Destatisthe Federal Statistics BureauGerman exports rose 1.6% month-on-month in August on a calendar and seasonally adjusted basis, compared to a revised decline of 1.6% in July.
Imports rose 3.4% on the same basis, compared to a 0.1% rise in July, after a 4.2% jump month-on-month in imports from countries outside the European Union. Economy of Oxford said the increase in non-EU imports was “probably due to high energy prices for raw materials”.
Analysts expected both exports and imports to rise, but at a slower pace of 1.1% each.
The seasonally adjusted trade surplus fell to 1.2 billion euros, from a revised 3.4 billion euros in July and 13.7 billion euros in August 2021. Analysts had forecast a surplus of around 4 billion euros.
Claus Vistesen, Chief Eurozone Economist at Macroeconomics Hall of Famesaid: “A jump in imports again weighed on nominal net trade in the euro zone’s largest economy in the middle of the third quarter.
“Early data for the third quarter point to a further decline in net trade, mainly due to weak goods exports, but note that this story may still change significantly with the release of September data and revisions to Aug. Also, component services is a huge wildcard.”
Carsten Brzeski, Global Head of Macro at INGnoted: “The war in Ukraine succeeded in delivering what nothing else had succeeded before: letting the famous German trade surplus disappear. However, it is not a “good” that is disappearing, driven by stronger domestic demand, but rather a “bad” that is disappearing, under the effect of high energy prices and structurally weaker exports. weak.
“Export order books have weakened considerably in recent months, as the global economic slowdown, high inflation and high uncertainty leave clear scars on (not only) German exports.”