Trade Balance in Germany

It measures the gap between Germany's exports and imports of goods and reflects the strength of its trade links with the rest of the world. It is compiled by the Federal Statistical Office (Destatis), which separates trade with EU countries from trade with non-EU countries.

It is the difference between exports and imports of goods, in euros. Trade with non-EU countries is drawn from customs declarations, while intra-EU trade comes from data reported by firms (the Intrastat system). Destatis publishes the monthly balance in both raw and seasonally adjusted form.

As a major exporting economy, Germany's trade surplus is a key part of GDP and a bellwether for the health of its industry. A smaller-than-expected balance points to weak external demand or dearer imports (energy) and can weigh on the euro.

Each new release revises earlier data, and the figure comes out around two months after the reference period; the monthly series is volatile and sensitive to energy prices and large industrial orders.