Germany’s Current Account Surplus Narrows in July

Germany’s current account surplus fell to €14.8 billion in July, down from a revised €18.8 billion a year earlier, as stronger import growth outpaced exports. The goods surplus shrank to €16.4 billion from €20.9 billion, with imports jumping 7.2% to €102.0 billion while exports rose just 2.0% to €118.4 billion. The services deficit widened modestly to €10.1 billion from €9.0 billion. Offsetting some of the drag, the primary income surplus increased to €14.2 billion from €12.7 billion, while the secondary income gap was little changed at €5.7 billion. For the January–July period, the current account surplus narrowed to €125.4 billion, compared with €163.1 billion in the same period last year.