skip to main content

German exports fall more than expected in June

Imports were down 4.5%, the biggest drop since January 2009, data from the Federal Statistics Office showed
Imports were down 4.5%, the biggest drop since January 2009, data from the Federal Statistics Office showed

German exports fell more than expected in June and imports sank even more sharply, widening the trade surplus in Europe's biggest economy.

Seasonally adjusted exports dropped by 2.8%, the sharpest fall since August 2015 that ended five consecutive months of growth.

Imports were down 4.5%, the biggest drop since January 2009, data from the Federal Statistics Office showed.

Both figures confounded expectations in a Reuters poll that had pointed to exports edging down 0.3% and imports rising by 0.2%.

The seasonally adjusted trade surplus widened to €21.2 billion from €20.3 billion in May, reaching its highest level since August 2016.

The June reading was higher than the Reuters consensus forecast of €21 billion.

Germany's wider current account surplus, which measures the flow of goods, services and investments, rose to €23.6 billion after a downwardly revised reading of €16 billion in May, unadjusted data showed.

The figures are likely to prompt more criticism of Germany's export strength after the International Monetary Fund last month repeated its call for the government to increase investment as a way to reduce its current account surplus, increase imports and support the economic recovery in other countries.