Germany: Exports rebound in November
January 9, 2012
In November, exports rose a seasonally and working-day adjusted 2.5% over the previous month. The figure contrasted the revised 2.9% drop observed in October (initially reported: -3.6% month-on-month) and also overshot market expectations that had exports rising only 0.5%. In contrast, imports declined 0.4% over the previous month, more than reversing the 0.1% gain observed in October. On a year-on-year basis, exports accelerated from a 3.9% increase in October to an 8.3% expansion in November. On the other hand, imports slowed from an 8.9% growth rate in October to a 6.7% increase in November. As a result, the trade surplus widened from EUR 11.5 billion in October to EUR 16.2 billion in November.
Author: Ricardo Aceves, Senior Economist