Exports in Germany fell for the first time in 15 months

Exports in Germany dropped 1.2 percent in August due to the bottleneck in the supply chain and the shortage of intermediate goods for production, ending the 15-month upward streak.

According to the data of Germany’s Federal Statistical Office (Destatis), seasonal and calendar adjusted exports in the country decreased by 1.2 percent to 113 billion Euros in August, despite the 0.5 percent increase expected compared to the previous month. The August drop in exports came after the 15th consecutive monthly increase since May 2020.

Destatis noted that Germany’s exports were 0.5 percent above the level in February 2020 before the measures taken to prevent the spread of the Kovid-19 outbreak in August.

CURRENT ACCOUNT SURPLUS EUR 11.8 BILLION IN AUGUST

In August, imports increased by 3.5 percent to 100.1 billion euros. Thus, Germany’s foreign trade surplus, adjusted for seasonal and calendar effects, became 13 billion euros. Compared to August 2020, exports increased by 14.4% and imports by 18.1%.

55.7 billion euros of August exports in Germany were made to European Union (EU) countries. 47 billion euros of the country’s imports came from the EU.

Compared to August 2020, exports to EU countries increased by 15.7 percent and imports from these countries increased by 11.2 percent.

The country’s current account surplus amounted to 11.8 billion euros in August 2021, according to data from the German Central Bank (Bundesbank). The current account surplus was 16.7 billion euros in August 2020.

EXPORT TO CHINA INCREASED

Germany’s exports in the January-August period increased by 122.4 billion to 892.7 billion euros, and its imports increased by 105.4 billion euros to 767.6 billion euros, compared to the same period of 2020.

The country’s trade surplus amounted to 125 billion euros in the January-August period of 2021, an increase of approximately 17 billion euros compared to the same period of 2020.

According to Destatis data, Germany’s exports to China, its most important trading partner, increased by 4.4 percent in August compared to the same month of 2020, reaching 7.6 billion euros.

In the said period, exports to Germany’s other important trading partner, the USA, increased by 22.4 percent and reached 9.4 billion euros.
On the other hand, despite full order books, German industry has recently had to cut production sharply due to the lack of important products such as semiconductors (chip).

According to the results of the research on “Supply bottlenecks and their impact on German companies” by the Association of German Chambers of Industry and Commerce (DIHK), 83 percent of German companies are negatively affected by “raw material, bottlenecks in supply chains and high price increases”.

In May, DIHK raised the country’s export growth expectation from 6 percent to 8 percent this year due to the recovery in the global economy. Germany’s exports fell by more than 9 percent last year due to the Kovid-19 crisis.


labels


Source: bigpara- GÜNDEM by bigpara.hurriyet.com.tr.

*The article has been translated based on the content of bigpara- GÜNDEM by bigpara.hurriyet.com.tr. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!

*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.

*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!