Germany: Merchandise exports grow at a more moderate pace in October
Merchandise exports increased 11.4% year-on-year in October (September: +20.2% year-on-year). Octobers result marked the softest expansion since July. Meanwhile, merchandise imports climbed 19.4% in annual terms in October (September: +31.3% yoy), marking the weakest reading since October 2021.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 5.2 billion surplus in October (September 2022: USD 8.1 billion surplus; October 2021: USD 12.5 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 76.0 billion surplus in October, compared to the USD 83.4 billion surplus in September.