Germany’s exports grew for the first time in three months in October and also logged its strongest expansion in more than a year, data published by Destatis showed on Thursday.
Exports grew by adjusted 4.1 percent on a monthly basis in October, reversing a 0.7 percent fall in September. This was the biggest growth since July 2020 and also above the economists’ forecast of 0.9 percent.
Imports advanced 5 percent on month, compared to the 0.4 percent increase posted in September. Imports were forecast to grow again by 0.4 percent in October. This was also the strongest since March.
As the increase in imports exceeded that of exports, the trade surplus fell to EUR 12.5 billion from EUR 12.9 billion in the previous month. The expected level was EUR 13.4 billion.
On a yearly basis, exports growth improved to 8.1 percent from 7.2 percent. At the same time, imports surged 17.3 percent versus the 13.3 percent increase in the previous month.
Consequently, the trade surplus declined to an unadjusted EUR 12.8 billion from EUR 19.7 billion in the same period last year.
Exports to the People’s Republic of China rose by 8.5 percent compared with October 2020. Likewise, shipments to the United States increased 11.4 percent.
At the same time, the value of the goods imported from China was up 28.6 percent annually and imports from the United States were up 4.0 percent.
Further, data showed that the current account balance showed a surplus EUR 15.4 billion versus EUR 24.4 billion in the same period last year.
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