German trade surplus hits record

frankfurt — Germany’s ballooning trade surplus, increasingly a source of friction with some of its European partners, hit a new record in September, driven by exports to the European Union, data showed on Friday.

The trade surplus — which has recently come under fire in both Washington and Brussels — hit a new record high of €18.9 billion ($25.4 billion) in seasonally-adjusted terms in September, the federal statistics office Destatis calculated.

In August, it had stood at €15.8 billion.

Germany exported goods worth €92.8 billion in September, up from €91.2 billion in August, the statisticians said.

Imports, on the other hand, declined to €73.9 billion from €75.4 billion.

In raw or unadjusted terms, the trade surplus also expanded, as exports grew faster than imports, Destatis said.

In the latest data on Friday, Destatis calculated that exports to the EU were driving up the trade surplus, expanding by 5.4 per cent on a 12-month basis.

Exports to the euro area alone rose by 4.4 per cent and exports to the rest of the world rose by 1.2 per cent.

Natixis economist Johannes Gareis said the trade data “add to our view that the German economy is on track for a robust recovery in the second half of this year”. —