Germany's trade surplus drops to $17.4B in June, below estimates

By Mucahithan Avcioglu

ISTANBUL (AA) - Germany's foreign trade surplus fell to €14.9 billion ($17.39 billion) in June from May's €18.6 billion, according to official data from Destatis released on Thursday.

Markets had expected the surplus to come in at €17.8 billion in June.

On a yearly basis, exports from Europe's biggest economy climbed 2.4% to €130.5 billion in June, while imports soared 7.9% to €115.6 billion.

On a monthly basis, exports were up 0.8%, while imports climbed 4.2% in June.

Germany's exports to fellow EU member states totaled €73 billion in June, while its imports from these countries amounted to €59.6 billion.

Exports from Europe's biggest economy to countries outside the EU amounted to €57.5 billion, while imports from these countries totaled €56 billion in the same month.

Most German exports in June went to the US, down 2.1% from May, with the value of exports to the US falling to €11.8 billion.

Germany's exports to the US fell for the third consecutive month in June to their lowest value since February 2022, when the value was €11.2 billion.

On a yearly basis, exports to the US fell 8.4% in June.

Exports to China rose 1.1% on a monthly basis to €6.9 billion, and exports to the UK climbed 0.4% to €7.2 billion.

Germany’s imports in June came mostly from China, totaling €14.6 billion, up 5.8% month-on-month, followed by the US with €8.8 billion, up 19.8%, the highest level since June 2022.