German exports and imports fall in October
By Abigail Townsend
Date: Friday 02 Dec 2022
(Sharecast News) - Germany recorded a fall in both exports and imports in October, official data showed on Friday, leading to a larger-than-expected trade surplus.
According to Destatis, the Federal Statistical Office, exports eased by a larger-than-forecast 0.6% month-on-month, to €133.5bn, while imports also fell by more than expected, down 3.7% at €126.6bn.
Exports to the European Union fell by 2.4%, while imports from the bloc were down 3.0%. Outside of Europe, exports increased 1.6% while imports fell 4.3%.
As a result, the trade surplus - a country's balance of exported and imported goods - declined to €5.3bn from €12.5bn a year earlier.
On a seasonally-adjusted basis, the surplus was €6.9bn, compared to September's downwardly-revised €2.8bn. Consensus had been for around €5.2bn.
Melanie Debono, senior Europe economist at Pantheon Macroeconomics, said: "The nominal goods trades balance the Eurozone's largest economy rose again at the start of the fourth quarter, confirming that September marked the start of the rebound.
"Recall that since the start of Russia's invasion of Ukraine, the trade surplus has fallen sharply as imports surged, amid a jump in import prices, mostly for energy. Imports finally declined in September and Friday's data show they fell again in October.
"The goods trade balance will rebound further throughout the fourth quarter and the first, as imports continue their slide. Gas storage facilities are now stocked and other data show that import price inflation dropped again in October, even if to a still high 23.5%, while domestic demand is waning."
Germany's economy - Europe's largest - is heavily reliant on exports.
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