Germany exported €137.6 billion in goods and imported €118.1 billion in August after adjustment for calendar and seasonal effects. Compared with July, the value of goods sold abroad fell by 0.8%, while the value of goods bought abroad increased by 0.9%. The resulting surplus fell from €21.6 billion to €19.5 billion. The August estimates are preliminary.
The surplus is the difference between two much larger flows. It can narrow from the preceding month even when exports are higher than a year earlier. That is precisely what happened in August: adjusted exports exceeded the same month of last year by 6.2%. Monthly and annual comparisons are answering different questions about the path of trade.
For an industrial supplier the distinction between value and volume is equally important. A higher import bill might reflect prices, quantities or a change in the mix of goods. A surplus measured in euros does not establish how many more goods crossed the border, and the figures do not cover trade in services.