Germany’s exports grew at a slower pace in October, data from Destatis revealed Wednesday.

Exports increased 0.8 percent month-on-month in October, slower than the 2.3 percent increase seen in September. Shipments were forecast to climb 1.2 percent.

At the same time, imports gained 0.3 percent, following a 0.2 percent rise in September. This was also slower than the economists forecast of +1 percent.

The trade surplus rose to a seasonally adjusted EUR 18.2 billion from EUR 17.6 billion in the previous month. The expected level was EUR 18 billion.

Exports were by 6.8 percent and imports by 5.2 percent lower than in February 2020, the month before restrictions were imposed due to the corona pandemic in Germany.

On a yearly basis, the decline in exports deepened to 6.5 percent from 3.8 percent.

Likewise, imports fell 5.9 percent annually after falling 4 percent in the previous month.

The trade surplus totaled an unadjusted EUR 19.4 billion compared to EUR 21.3 billion in the same period last year.

The current account surplus climbed to EUR 22.5 billion from EUR 19 billion in the previous year.

The material has been provided by InstaForex Company – www.instaforex.com

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