A Closer Look at Germany’s Trade Deficits(!)

Germany may run a trade surplus overall, but with some countries it has a deficit.

November 5, 2013

1. Germany remains dependent on its neighbors, with 69% of total exports going to European countries.

2. 57% of Germany’s total exports go to the member states of the European Union.

3. In 2012, Germany ran a trade deficit of €27 billion with Russia, Libya and Norway, mainly for energy imports.

4. Germany also had trade deficits with Japan (€4.7 billion) and China (€11.7 billion).

5. In contrast, Germany had a trade surplus with the eurozone (e.g. France, Italy, Spain, Greece, Portugal, Cyprus and Ireland) of €54.6 billion.

From Debt crisis has left German economy vulnerable by Satyajit Das (Financial Times)

 

 

Takeaways

Germany runs a trade surplus overall, largely thanks to EU partners, which buy 57% of German exports.

In 2012, Germany ran a trade deficit of €27B with energy producers Russia, Libya and Norway.

In 2012, Germany had trade deficits with Japan (€4.7B) and China (€11.7B).

In 2012, Germany had a trade surplus with the eurozone of €54.6B.