Dec 13 2024: German exports experienced a sharper decline than anticipated in October, signaling further delays in the recovery of external demand.
Exports fell 2.8% from the previous month, exceeding the 2% decrease forecast in a Reuters poll, according to data released by the federal statistics office on Friday.
The trade surplus narrowed to €13.4 billion ($14.02 billion) in October, down from €16.9 billion in September and €18.9 billion in October 2023.
Exports to EU countries slipped 0.7% month-on-month, while exports to non-EU countries dropped 5.3%.
The United States remained Germany’s largest trading partner in October, but exports to the U.S. plunged 14.2% compared to September. Shipments to China decreased by 3.8%, while exports to the United Kingdom increased 2.1%, the data showed.
(Exchange rate: $1 = €0.9559)