German exports fall by more than expected 2.8% in October
By Frank Prenesti
Date: Friday 13 Dec 2024
(Sharecast News) - German exports in October fell by a more-than-expected 2.8% and imports dropped 0.1% month on month on a seasonally adjusted basis, according to official data published on Friday.
Exports also decreased by 2.8% from October 2023 while imports rose by 1.7%, the Federal statistics office Destatis added. Forecasters had expected a 2% fall on the month.
Exported goods were worth €124.6bn in the month, while imports were worth €111.2bn. The foreign trade balance showed a surplus of €13.4bn, compared with €16.9bn in September and €18.9bn in October 2023.
Most German exports in October 2024 went to the US, although the value of these fell 14.2% month on month to €12.2bn. Exports to China decreased by 3.8% to €6.9bn.
Imports from China fell 3% to €13.7bn, while those from the US were down 3.9% to €7.4bn.
Reporting by Frank Prenesti for Sharecast.com
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