A Closer Look at Germany’s Trade Deficits(!)
Germany may run a trade surplus overall, but with some countries it has a deficit.
- 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.
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)