Latest data released by Destatis - 9 August 2019

  • Prior €20.6 billion
  • Current account balance €20.6 billion vs €21.7 billion expected
  • Prior €16.5 billion; revised to €16.2 billion
  • Exports -0.1% vs 0.0% m/m expected
  • Prior +1.1%; revised to +1.3%
  • Imports +0.5% vs +0.3% m/m expected
  • Prior -0.5%; revised to -0.3%

Slight delay in the release by the source. The slightly lower trade surplus owes to a mild decline in exports in June relative to the better-than-expected imports, highlighting some improvement in domestic demand at the very least.

Trade conditions remain sluggish overall in Germany and this won't lend much optimism to the economic outlook in the second half of this year.