- Prior €6.4 billion
On seasonally adjusted terms, exports were seen down 2.1% on the month and imports down 1.5% on the month - leading to a smaller trade surplus in July. The Russia-Ukraine has led to a terms-of-trade shock to Germany and one of the more pressing issues has been the declining current account surplus. As a sidenote, Germany's current account with China fell back into deficit for the first time since 2012 as weaker growth from China is also not helping.
