Germany Trade Balance


Germany: Exports defy expectations and rise in September

November 8, 2011

In September, exports expanded 0.9% over the previous month in seasonally adjusted terms, which was below the revised 3.2% increase tallied in August (initially reported: +3.5% month-on-month), but surprised private sector analysts on the upside, as they had expected exports to drop 0.8%. On the other hand, imports fell 0.8% in September, well below the 0.1% drop recorded in August. Compared to the same month last year, exports grew 10.5% in September, slower than the 14.6% expansion observed in August. Moreover, imports slowed from a 13.2% increase in August to an 11.6% expansion in September. As a result, the trade surplus widened from EUR 11.8 billion in August to EUR 17.4 billion in September. The Federation of German Wholesale, Foreign Trade and Services (BGA, Bundesverband Gro

Author:, Senior Economist

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