| Consensus | Actual | Previous | Revised | |
|---|---|---|---|---|
| Balance | €23.5B | €20.4B | €24.9B | €25.3B |
| Imports - M/M | 0.3% | -6.6% | -5.5% | |
| Imports - Y/Y | -9.3% | -10.0% | -10.3% | |
| Exports - M/M | -3.4% | -3.6% | -3.1% | |
| Exports - Y/Y | -8.3% | -3.8% | -3.4% |
Highlights
Germany's export and import dynamics painted a mixed economic picture due to its resilience and inherent challenges. Exports declined by 3.4 percent from the previous month, totalling €127.7 billion, reflecting a broader year-over-year drop of 8.3 percent. Conversely, imports slightly increased by 0.3 percent from May, reaching €107.3 billion, though they were still down 9.3 percent compared to June 2023. This modest rise in imports may indicate stable domestic consumption.
The foreign trade balance remained robust with a surplus of €20.4 billion, though this was a reduction from May's €25.3 billion surplus. The unadjusted surplus was slightly higher at €22.2 billion, underlining a consistent trade advantage despite fluctuating market conditions. Compared to June 2023's surplus of €19.0 billion, the current figures highlight resilience amidst global economic pressures. Overall, while exports face headwinds, Germany's ability to maintain a positive trade balance underscores its economic resilience.
The foreign trade balance remained robust with a surplus of €20.4 billion, though this was a reduction from May's €25.3 billion surplus. The unadjusted surplus was slightly higher at €22.2 billion, underlining a consistent trade advantage despite fluctuating market conditions. Compared to June 2023's surplus of €19.0 billion, the current figures highlight resilience amidst global economic pressures. Overall, while exports face headwinds, Germany's ability to maintain a positive trade balance underscores its economic resilience.
Market Consensus Before Announcement
June's goods balance is expected to narrow to a €23.5 billion surplus versus a larger-than-expected surplus of €24.9 billion in May.
Definition
The merchandise trade balance measures the difference between imports and exports of goods. The level of the international trade balance, as well as changes in exports and imports, indicate trends in foreign trade and can offer a guide to an economy's competitiveness.
Description
Changes in the level of imports and exports, along with the difference between the two (the trade balance) are a valuable gauge of economic trends here and abroad. While these trade figures can directly impact all financial markets, they primarily affect currency values in foreign exchange markets.
Imports indicate demand for foreign goods and services in Germany. Exports show the demand for German goods in countries overseas. Given the size of the German economy, the euro can be sensitive to changes in the trade balance. The bond market is also sensitive to the risk of importing inflation. This report gives a breakdown of trade with major countries as well, so it can be instructive for investors who are interested in diversifying globally. For example, a trend of accelerating exports to a particular country might signal economic strength and investment opportunities in that country.
Imports indicate demand for foreign goods and services in Germany. Exports show the demand for German goods in countries overseas. Given the size of the German economy, the euro can be sensitive to changes in the trade balance. The bond market is also sensitive to the risk of importing inflation. This report gives a breakdown of trade with major countries as well, so it can be instructive for investors who are interested in diversifying globally. For example, a trend of accelerating exports to a particular country might signal economic strength and investment opportunities in that country.
