German exports down, imports pick up
Germany’s statistics office, Destatis, today revealed exports unexpectedly fell 1.1% in October to €86.8 billion.
However, imports picked up pace to €72.6 billion, rising by 0.3% on the month.
Export demand helped to bring Germany out of recession in the second quarter of last year – much sooner than many of its counterparts throughout the world.
The recovery has been led by exports but recent falls led Germany to lose its status as the world’s largest exporter as China overtook it in this field.
Meanwhile, the rise in imports and fall in exports led Germany’s trade surplus to narrow to €14.2 billion in October, according to Destatis.
Germany is driving the recovery of the euro zone after figures last month revealed economic growth in the July to September period was 0.7%.
On an annual basis, the German economy grew by a staggering 3.9%.
Figures yesterday revealed industrial orders grew by 1.6% in October compared with September.
Domestic orders increased 2.4% in the month, fuelled by a 3.9% surge in demand for investment goods.
Meanwhile, export orders grew 0.8% and this was due to high demand from outside the euro area.
Europe’s largest economy is on track for record growth this year and recent data reinforces this.