German imports and exports continued their rebound in August after the collapse due to the Covid-19, while the trade surplus fell over one month to 15.7 billion euros, according to official data released Thursday.
In seasonally adjusted data (CVS), imports jumped 5.8% and exports 2.4% compared to July, announced the federal office of statistics Destatis. This is the fourth consecutive monthly increase for these indicators, after their spring plunge, caused by the Covid-19 pandemic, which sharply slowed international trade. The two data, however, remain 7.9% and 10.2% respectively below the level of August 2019, a sign of the lasting impact of the pandemic.
The European Union absorbed 48.2 billion euros of German goods, a decrease of 7% over one year. Imports from the EU, meanwhile, fell 5.4%. Trade with third countries also remains in sharp decline over one year, with a 13.6% drop in exports. These are in particular weighed down by the plunge in exports to the United States, which fell 21.1% over one year, to 7.7 billion euros.
Conversely, German exports to China are only 1.1% below their August 2019 level. Exports are down 7.3% and imports 22.2% with the United Kingdom, in the context of difficult negotiations between this country and the EU on their post-Brexit relations.
After being weighed down by the containment measures in the spring, the German economy, very dependent on exports, has been experiencing an economic recovery since June. But the worsening health situation in many countries around the world could once again slow down the euro zone’s largest economy. “New restrictions in many countries could hurt German exports“, Estimates Carsten Brzeski, analyst for ING.
In Germany, the authorities were alarmed on Thursday by a leap “worrying“Covid-19 contaminations and warned against”uncontrolled spreadOf the virus in the country.