Germany's current account surplus drops to 245.5 bln euros in 2019

Source: Xinhua| 2020-03-24 01:45:48|Editor: yan
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BERLIN, March 23 (Xinhua) -- Germany's current account surplus fell by two billion euros to 245.5 billion euros (262.3 billion U.S. dollars) in 2019, according to the monthly report published by the Deutsche Bundesbank (German central bank) on Monday.

As a percentage of nominal gross domestic product (GDP), the balance sank to 7.25 percent, according to the report. The ratio thus fell for the fourth consecutive year and was now "well below" its peak of 8.5 percent of GDP in 2015.

The "very restrained development" of world trade left a "visible dent" in the German export balance, "whilst imports of goods rose relatively sharply in spite of the downturn in Germany's industrial sector," the bank noted.

However, more favorable import prices, in particular for crude oil, had made "a positive contribution" in terms of value to Germany's external trade balance.

"From today's perspective, it seems unlikely that the German current account balance will rise again in the coming years," Deutsche Bundesbank concluded.