2023-12-04 09:39:10
German exports surprisingly fell for the second month in a row in October due to the slow European business. They fell by 0.2 percent compared to the previous month to 126.4 billion euros, as the Federal Statistical Office announced on Monday. Economists surveyed by the Reuters news agency, on the other hand, had expected an increase of 1.1 percent, after a significant decline of 2.5 percent in September. Imports unexpectedly fell for the fifth month in a row in October, by 1.2 percent to 108.6 billion euros.
The decline in exports is primarily due to the weak European business: goods worth 67.9 billion euros were sold to the EU member states, a decrease of 2.7 percent compared to the previous month. The USA remained the most important buyer of goods “Made in Germany”. Business with the world’s largest economy grew by 5.7 percent to 13.5 billion euros. Exports to China increased by 1.5 percent to 7.9 billion euros, those to Great Britain rose by 5.6 percent to 6.6 billion euros.
At least the mood in the German export industry improved for the second month in a row in November, signaling stabilization. The barometer for export expectations rose to minus 3.8 points, from minus 6.3 points in October, as the Munich Ifo-Industrie found in its company survey.
Global economic situation inhibits
This is the highest value in six months. “The export economy is still unable to develop any dynamics,” said the head of the Ifo surveys, Klaus Wohlrabe. “Greater participation in the economic recovery in many countries is still pending.”
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The export-dependent industry is suffering from the poor global economy. Many central banks have raised their key interest rates sharply due to high inflation, which makes loans for investments in German export hits such as machinery, systems or vehicles significantly more expensive and thus dampens demand.
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