The $ 179.1 billion German trade balance surplus, down 20% during 2020

Bayanalysis - The German trade balance surplus decreased slightly to 14.8 billion euros in December of 2020 compared to 15.1 billion euros (1 billion = 1000 million) in December of the previous year. According to the Federal Statistical Office of Germany.

German exports, according to the German Federal Statistical Office, jumped 2.7 percent to € 100.7 billion.

And pushed German sales to China (11.6 percent) of total exports and to the United States (8.4 percent), which was the first increase in German exports to the United States since February, German exports.

German imports rose 3.5% faster to € 85.9 billion. After adjusting calendar and seasonal effects.

Exports were 4.6 percent and imports 0.1 percent lower compared to February of 2020, the month before restrictions were imposed due to the coronavirus pandemic.

Looking back and looking at the whole year 2020, German exports decreased by 9.3% to one trillion and 205 billion euros (trillion = one million million) and imports fell by 7.1% to one trillion and 26 billion euros.

 This narrowed the trade gap to 179.1 billion euros from 224 billion euros in 2019. It is the largest annual decline in both German exports and imports since the financial and economic crisis in 2009.

The majority of German goods were exported to the US in 2020 despite a 12.5% ​​decrease in sales. Most imports came from China, with purchases rising 5.6%.

It is noteworthy that the highest surplus of the German trade balance was in March 2016, which recorded 254 billion, 55 million and 33 thousand euros, while the largest deficit of the German trade balance was in April 1991, which was equivalent to 535 million and 907 thousand euros.

The trade balance for any country expresses the difference between imports and exports for the same country during a specific period of time, and it is in the surplus if the country's exports are greater than its imports, and it is recorded in deficit if the opposite is true.