Economic Buzz: German Exports Fall 0.5% On Month In September

2 Nov 2022 , 01:55 PM

Germanys exports dropped unexpectedly and imports logged its first time fall in eight months in September, official data revealed on Wednesday. Exports dropped 0.5 percent month-on-month, Destatis reported. This was followed by a 2.9 percent rise in August. Shipments were expected to gain 0.1 percent. At the same time, imports registered a decline of 2.3 percent, in contrast to the 4.9 percent rise in August. As the pace of fall in imports exceeded the decline in exports, the trade surplus increased to a seasonally adjusted EUR 3.7 billion from EUR 1.2 billion in the previous month. On a yearly basis, exports logged a double-digit growth of 20.3 percent but slower than the prior months 23.1 percent increase. Exports to EU member states fell 1.7 percent and that to euro area economies dropped by 1.6 percent. Imports from EU member states and Eurozone decreased 1.2 percent and 0.6 percent, respectively. Data showed that exports to the Russia slid 5.4 percent from August and imports from Russia plunged 33.1 percent. Germany exported 5.6 percent more goods to the United States, while imports from the U.S. fell 1.3 percent.Powered by Commodity Insights