Germany's trade surplus rises to $19.9B in August, above estimates

• German exports to US in August falls for 5th consecutive month to lowest value since November 2021

ISTANBUL

Germany's foreign trade surplus increased to €19.9 billion ($17.2 billion) in August from July's €16.3 billion, according to official data from Destatis released on Thursday.

Markets had expected the surplus to come in at €15.1 billion in August.

On a yearly basis, exports from Europe's biggest economy dropped 0.7% to €129.7 billion in August, while imports climbed 3.5% to €112.5 billion.

On a monthly basis, exports were down 0.5%, and imports declined 1.3% in August.

Germany's exports to fellow EU member states totaled €72.5 billion in August, while its imports from these countries amounted to €58.8 billion.

Exports from Europe's biggest economy to countries outside the EU amounted to €57.1 billion, while imports from these countries totaled €53.7 billion in the same month.

Most German exports in August went to the US, down 2.5% from July, with the value of exports to the US falling to €10.9 billion.

Germany's exports to the US fell for the fifth consecutive month in August to their lowest value since November 2021, when the value was €10.3 billion.

On a yearly basis, exports to the US plunged 20.1% in August.

Exports to China rose 5.4% on a monthly basis to €6.8 billion, while exports to the UK dropped 6.5% to €6.5 billion.

Germany’s imports in August came mostly from China, totaling €13.5 billion, down 4.5% month-on-month, followed by the US with €8 billion, up 3.4% on a monthly basis.