The German exports recovered in October, but at a slower pace than expected. The data dashed hopes that exports will contribute significantly to the projected expansion in Europe’s largest economy in the last quarter of the year. The German exports are growing by 0.5% mom in October, while the important grew by 1.3% mom, according to the seasonally adjusted data of the Federal Statistical Office Destatis.
The report highlights the trend of weakening exports which lost its traditional role as the main engine of growth in Germany. The growth is also below the economists forecasts for expansion of 1.0% of exports and 0.9% of imports.
The jump in imports lowered the trade surplus of 21.1 billion EUR in September to 20.5 billion EUR in October. The analysts and experts expected value to be about 21.5 billion EUR.
Exports in September was revised down by its decline amounted to 1.00%, against the initially reported decrease of 0.7%,.
Over the past 12 months, exports from Germany almost stagnate by month grew an average of 0.1% against the historical average standard of 0.3%. Looking ahead, the weakness of the pound and possible protectionist policies under the new US president Donald Trump will probably not reflect well on German exports, which might cause its additional delay.
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