That was 11.5 billion euros less than in the previous month. The decline came mainly from a smaller goods trade surplus and a swing into deficit in invisible transactions.
Goods trade and services weaken
The goods trade surplus stood at 13.1 billion euros, down 7.5 billion euros from July. The Bundesbank said part of that fall may be related to seasonal and calendar effects. Invisible transactions, which include services, primary income and secondary income, recorded a deficit of 2.7 billion euros, compared with a surplus of 1.2 billion euros a month earlier.
The services deficit widened by 3.1 billion euros to 11.5 billion euros. Lower revenues and expenditures in other business services and intellectual property fees contributed to the rise, while seasonal travel spending also increased. Net primary income receipts fell by 0.6 billion euros to 15.6 billion euros, mainly because residents earned less from foreign securities holdings. The secondary income deficit stood at 6.8 billion euros.
Capital flows and reserves
Net capital exports reached 16.1 billion euros, after net capital imports of 6.4 billion euros in July. German investors bought foreign securities worth 47.5 billion euros, while foreign investors bought German securities worth 28.5 billion euros. Cross-border securities transactions alone produced net capital exports of 19.0 billion euros.
Net capital imports from direct investment came to 3.0 billion euros. Other investment recorded net capital imports of 5.4 billion euros, with Bundesbank net foreign claims in that category at 31.3 billion euros, mainly TARGET claims on the European Central Bank. General government made net capital exports of 2.7 billion euros. Bundesbank foreign reserves fell by 0.2 billion euros in August at transaction values.
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Source: Bundesbank
