Posted By Global Banking and Finance Review
Posted on December 13, 2024
By Maria Martinez
(Reuters) -German exports fell more than expected in October, an indication that the long-awaited recovery in external demand has been delayed.
Exports fell by 2.8% compared with the previous month, data from the federal statistics office showed on Friday.
The result went beyond the 2% decrease forecast in a Reuters poll.
The foreign trade balance showed a surplus of 13.4 billion euros ($14.02 billion) in October, down from 16.9 billion euro the previous month and 18.9 billion euros in October 2023.
Exports to EU countries dropped by 0.7% on the month and exports to third countries declined by 5.3%, data from the statistics office showed.
Most German exports in October went to the United States, although exports of goods to the U.S. were down 14.2% compared with September.
Exports to China decreased by 3.8% on the month and exports to the U.K. rose by 2.1%, the statistics office said.
($1 = 0.9559 euros)
(Reporting by Amir Orusov and Maria Martinez, editing by Kirsti Knolle and Friederike Heine)
