For March (s.a.)
Provided by: German Federal Statistics Office (Destatis)
Official Release: Press Release

Trade Balance (n.s.a): 11.3B, pr. 8.7B (Feb), 7.0B (Jan), 6.9B (Dec),
9.9B (Nov), 16.4B (Oct), 15.0B (Sep), 10.6B (Aug),
Imports (s.a.) m/m: 0.8%, pr. -4.2% (Feb), -0.8% (Jan), -4.1% (Dec),
-5.6% (Nov), -3.5% (Oct), 0.9% (Sep), 2.5% (Aug), 7.4% (Jul), -0.4% (Jun)
Exports (s.a.) m/m: 0.7%, pr. -0.7% (Feb), -7.4% (Jan), -3.7% (Dec),
-10.6% (Nov), -0.5% (Oct), 0.7% (Sep), 0.5% (Aug), -1.7% (Jul), 4.1% (Jun)

For February (s.a.)
Provided by: German Federal Statistics Office (Destatis)
Previous Release: Press Release

Trade Balance (n.s.a): 8.7B, pr. 7.0B  R (Jan), 6.9B (Dec), 9.9B (Nov),
16.4B (Oct), 15.0B (Sep), 10.6B (Aug),
Imports (s.a.) m/m: -4.2%, pr. -0.8% (Jan), -4.1% (Dec), -5.6% (Nov),
-3.5% (Oct), 0.9% (Sep), 2.5% (Aug), 7.4% (Jul), -0.4% (Jun)
Exports (s.a.) m/m: -0.7%, pr. -7.4% R (Jan), -3.7% (Dec), -10.6% (Nov),
-0.5% (Oct), 0.7% (Sep), 0.5% (Aug), -1.7% (Jul), 4.1% (Jun)

German exports fell 0.7% on the month in February, and slumped 23.1% compared to February of last year. That figure pretty much matched January's 23.2% decline on a year-to-year basis, which was the sharpest decline since records begain in 1950. Imports fell by 4.2% on the month, and are down 16.4% compared to a year ago. The sharp pullback in imports was more than the drop in exports so the trade balance actually improved. Global trade has seen a very sharp retraction which has cut off demand for exports. That is a major concern for countries that are led through export-growth such as Germany and Japan.

For January (s.a.)
Provided by: German Federal Statistics Office (Destatis)
Previous Release: Press Release

Trade Balance (n.s.a): 8.5B, forecast 8.3B, pr. 6.9B (Dec), 9.9B (Nov),
16.4B (Oct), 15.0B (Sep), 10.6B (Aug),
Imports (s.a.) m/m: -0.8%, pr. -4.1% (Dec), -5.6% (Nov), -3.5% (Oct),
0.9% (Sep), 2.5% (Aug), 7.4% (Jul), -0.4% (Jun)
Exports (s.a.) m/m: -4.4%, pr. -3.7% (Dec), -10.6% (Nov), -0.5% (Oct),
0.7% (Sep), 0.5% (Aug), -1.7% (Jul), 4.1% (Jun)

For December (s.a.)
Provided by: German Federal Statistics Office (Destatis)
Official Release: Press Release

Trade Balance (n.s.a): 6.9B, forecast 8.2B, pr. 9.9B (Nov), 16.4B (Oct),
15.0B (Sep), 10.6B (Aug),
Imports (s.a.) m/m: -4.1%, pr. -5.6% (Nov), -3.5% (Oct), 0.9% (Sep),
2.5% (Aug), 7.4% (Jul), -0.4% (Jun)
Exports (s.a.) m/m: -3.7%, pr. -10.6% (Nov), -0.5% (Oct), 0.7 (Sep),
0.5% (Aug), -1.7% (Jul), 4.1% (Jun)

For November (s.a.)
Provided by: German Federal Statistics Office (Destatis)
Official Release: Press Release

Trade Balance (n.s.a): 9.7B, forecast 15.0B, pr. 16.4B (Oct), 15.0B (Sep),
10.6B (Aug),
Imports (s.a.) m/m: -5.6%, pr. -3.5% (Oct), 0.9% (Sep), 2.5% (Aug),
7.4% (Jul), -0.4% (Jun)
Exports (s.a.) m/m: -10.6%, pr. -0.5% (Oct), 0.7 (Sep), 0.5% (Aug),
-1.7% (Jul), 4.1% (Jun)

Exports plunged 10.6%, a record amount, in November which slashed the trade surplus by about one-third. The surplus on a seasonally adjusted basis shrank to 10.7 billion euros. Imports fell by 5.6%. The large drop in exports reflects the worsening situation in the global economy which is seeing a sharp and synchronized downturn of the major economies. Export growth is a large part of the German economy, and such a large reduction implies more firms will be cutting jobs in an attempt to shore up their revenue and profit margins.

For October (s.a.)
Provided by: German Federal Statistics Office (Destatis)
Official Release: Press Release

Trade Balance (n.s.a): 16.4B, forecast 15.0B, pr. 15.0B (Sep), 10.6B (Aug),
Imports (s.a.) m/m: -3.5%, forecast -2.7%, pr. 0.9% (Sep), -2.5% (Aug),
7.4% (Jul), -0.4% (Jun)
Exports (s.a.) m/m: -0.5%, forecast 0.1%, pr. 0.7 (Sep), -0.5% (Aug),
-1.7% (Jul), 4.1% (Jun)

From the Release: "According to provisional data of the Federal Statistical Office, Germany exported commodities to the value of EUR 89.7 billion and imported commodities to the value of EUR 73.4 billion in October 2008. German exports of October 2008 were thus 1.4% and imports 5.4% above the respective October 2007 levels. Upon calendar and seasonal adjustment, exports decreased by 0.5% and imports by 3.5% on September 2008."

For September (s.a.)
Provided by: German Federal Statistics Office (Destatis)
Official Release: Press Release

Trade Balance (n.s.a): 15.0B, forecast 12.0B, pr. 10.6B (Aug), 13.8B (Jul)
Imports (s.a.) m/m: 0.9%, forecast -1.0%, pr. -2.5% (Aug), 7.4% (Jul), -0.4% (Jun)
Exports (s.a.) m/m: 0.7%, forecast 0.6%, pr. -0.5% (Aug), -1.7% (Jul), 4.1% (Jun)

German exports increased slightly in September following 2 months of declines, helping exports to increase 6.9% on the year. Imports also gained, rising 0.9%, which put imports up 14.1% on the year. In actual values and not percent changes, exports grew more than imports helping to widen the trade surplus to 15.0B euros, which beat forecasts.

From the Release: " According to provisional data of the Federal Statistical Office, Germany exported commodities to the value of EUR 87.1 billion and imported commodities to the value of EUR 72.2 billion in September 2008. German exports of September 2008 were thus 6.9% and imports 14.1% above the respective September 2007 levels. Upon calendar and seasonal adjustment, exports increased by 0.7% and imports by 0.9% on August 2008."

For August (s.a.)
Provided by: German Federal Statistics Office (Destatis)
Official Release: Press Release

Trade Balance (n.s.a): 10.6B, forecast 12.0B, pr. 13.8B
Imports (s.a.) m/m: -2.5%, forecast -2.0%, pr. 7.4% (Jul), -0.4% (Jun)
Exports (s.a.) m/m: -0.5%, forecast 0.5%, pr. -1.7% (Jul), 4.1% (Jun)

The German trade surplus narrowed in non-adjusted terms to 10.6B in August from 13.8B in July. In seasonally adjusted terms the trade surplus increased to 13.1B. Using seasonally adjusted terms imports were down 2.5%, which was a bigger fall than the decline in exports of 0.5%. Exports year-on-year were down 2.5%, which is the biggest annual decline in 5 years. So, despite the better than expected seasonally adjusted surplus, the non-adjusted values show that exports are faltering and will weigh down the world's biggest exporter.

For July (s.a.)
Provided by: German Federal Statistics Office (Destatis)
Official Release: Press Release

Imports m/m: 7.4%, forecast 0.3%, pr. -0.4% (rev. 0.1% - Jun), 0.7% (May),
-2.1% (Apr), 0.6% (Mar)
Exports m/m: -1.7%, forecast -1.1%, pr. 4.1% (rev. 4.2% - Jun), -3.2% (May),
1.2% (Apr), -0.8% (Mar)

From the Release: "Upon calendar and seasonal adjustment, exports and imports showed opposite month-on-month trends: Exports decreased by 1.7%, while imports increased by 7.4% on June 2008. The foreign trade balance showed a surplus of EUR 13.9 billion in July 2008."

Higher prices for imports caused a sharp increase in spending, with imports climbing 7.4% compared to June. With exports declining 1.7% the trade surplus narrowed to €13.9 billion. That was below forecasts, though June's figure was revised higher. A deterioration in trade will only add more strain to an economy which is sputtering. July of course coincided with a large run up of oil prices. The data also shows that exports are back to being negative as they were in May and March.

The EUR/USD found some support near 1.4045 prior to the European open, and there was not much reaction to the trade balance data in the 2 hours after the release.