In August 2024, the German trade balance recorded a remarkable surplus of EUR 22.5 billion, reflecting a strong and stable performance of the German economy. This surplus in German trade indicates Germany’s ability to maintain its position as a major exporter in international trade. Compared to July 2024, where the calendar- and seasonally adjusted surplus amounted to EUR 16.9 billion, and to EUR 18.9 billion in August 2023, these figures show continued growth in German exports.
The data show that German exports rose by 1.3% in August 2024, while imports decreased by 3.4% on a calendar- and seasonally-adjusted basis compared to July. By reviewing the preliminary data published by the Federal Statistical Office (Destatis), it can be seen that exports increased by 0.1%, while imports decreased by 3.1% compared to August 2023. After adjustment, the total value of goods exported from Germany amounted to 131.9 billion euros, while the value of imports amounted to 109.4 billion euros in the same month.
In terms of trade with EU countries, Germany exported goods worth 72.7 billion euros to the member states and imported goods worth 57.4 billion euros from them during the same period. Compared to July 2024, exports to EU countries increased by 0.8%, while imports decreased by 3.7%.
As for the euro area countries, the value of exported goods amounted to around 50.6 billion euros, with an increase of 0.6%, while the value of imported goods was 37.5 billion euros, with a decrease of 7.2%. In the non-eurozone EU, Germany exported EUR 22.0 billion, up 1.4%, while imports from these countries amounted to EUR 19.9 billion, up 3.7%. These figures show the strong performance of the German economy, with the trade surplus reflecting Germany’s ability to achieve a positive balance in its international trade.
Germany achieves a strong trade surplus with non-European countries in August 2024
In August 2024, Germany achieved a strong performance in its trade with non-EU countries, with exports of goods to these countries amounting to EUR 59.2 billion, while imports totaled EUR 52.0 billion, after adjustments for calendar and seasonal criteria. Compared to July 2024, exports increased by 1.9%, while imports from these countries decreased by 3.2%.
The data shows that the United States was the main destination for German exports in August, with exports rising to EUR 13.5 billion, up 5.5% compared to the previous month. Exports to the People’s Republic of China increased by 1.9%, to EUR 7.4 billion, while exports to the United Kingdom increased by 5.7%, to EUR 6.8 billion.
In terms of imports, the People’s Republic of China was Germany’s largest source country, importing goods worth EUR 13.2 billion, down 1.4% compared to the previous month. In contrast, imports from the United States rose by 0.7% to EUR 7.8 billion, while imports from the United Kingdom fell by 0.1% to EUR 2.9 billion. After seasonal and calendar adjustments, Germany exported goods worth a total of EUR 131.9 billion and imported goods worth EUR 109.4 billion in August 2024.
The foreign trade balance also showed a surplus of EUR 22.5 billion. The calendar- and seasonally adjusted surplus shows EUR 16.9 billion in July 2024 and EUR 18.9 billion in August 2023, reflecting the stability and continued growth of the German economy in global markets. These figures indicate that Germany is able to maintain a positive balance in its international trade, which strengthens its position as a major economic power. The calendar and seasonally adjusted surplus were EUR 16.9 billion in July 2024 and EUR 18.9 billion in August 2023.
Analysis of German foreign trade for August 2024
Germany announced the original foreign trade values (not adjusted for calendar or seasonal effects) for August 2024, which recorded exports of EUR 121.8 billion and imports of EUR 103.0 billion. Compared to August 2023, exports decreased by 3.1%, while imports decreased by 5.3%. Accordingly, the unadjusted foreign trade balance showed a surplus of EUR 18.9 billion in August 2024, compared to a surplus of EUR 16.9 billion in August 2023.
Important notes for traders:
It is important for traders to take into account the different comparative periods when analyzing press releases related to short-term indicators. Short-term economic monitoring focuses on comparisons of seasonally and calendar-adjusted figures with those of the previous month or quarter, reflecting short-term economic trends. Annual comparisons of calendar-adjusted results allow for long-term assessments without being affected by seasonal fluctuations or calendar effects.
Annual comparisons of calendar-adjusted results allow for long-term comparisons of levels and are not affected by seasonal fluctuations or calendar effects. The results of monthly, quarterly and annual comparisons may differ significantly.
Here’s the revised text without passive voice:
Global events such as the Covid-19 crisis and the war in Ukraine can significantly affect the results of monthly, quarterly, and annual comparisons. The methodological paper (available in German only) provides detailed explanations of how researchers make calendar and seasonal adjustments. Researchers calculate calendar and seasonal values as nominal values, so comparisons between adjusted and unadjusted series may not offer much utility.
The results presented in this article reflect preliminary data from monthly foreign trade statistics. Since no detailed results are available at this early stage, analysts cannot determine the reasons for changes in foreign trade in general.
