Germany: Merchandise export growth eases in November
January 7, 2022
Merchandise exports grew 1.7% month-on-month on a calendar- and seasonally-adjusted basis, easing from the 4.2% increase recorded in October. Import growth slowed to 3.3% month-on-month in November, from October’s 5.2% expansion. As imports outpaced exports, the calendar- and seasonally-adjusted trade surplus narrowed to EUR 10.9 billion in November from EUR 12.4 billion in October.
On an annual basis, however, growth in exports of goods accelerated from 8.2% in October to 12.1% in November. Similarly, merchandise imports increased 19.3% year-on-year in November, up from 17.4% in October.
Analysts at the EIU added:
“Germany's current-account surpluses are likely to remain large in 2022–26, although slightly below pre-pandemic levels as a share of GDP. They are underpinned by large trade surpluses, reflecting the competitiveness of the manufacturing sector. This will continue to generate large domestic savings that are mainly invested abroad, leading to a solid primary income surplus.”