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German trade and current account surpluses narrow in June

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German trade and current account surpluses narrow in June

German trade and current account surpluses both narrowed in June compared to the previous year, provisional data from the Federal Statistics Office showed.

The trade surplus stood at 22.3 billion, down from €24.5 billion in the same month last year but up from a surplus of €22 billion in May. June exports declined to €107.2 billion from €110.7 billion in May while imports rose to €84.9 billion from €82.0 billion in the previous month.

Germany's current account balance, which takes into account goods trade as well as services and income from foreign investments, dropped to a surplus of €23.6 billion from €24.0 billion in June 2016. May's current account surplus was €16.0 billion, the statistics office said.