German Exports Log Strongest Growth In 10 Months

RTTNews | 34 days ago

(RTTNews) - Germany's exports rebounded in September as demand from the US increased for the first time after five months of decrease, data from Destatis showed on Friday. Exports grew by more-than-expected 1.4 percent in September, offsetting the 0.8 percent fall in August. This was the fastest monthly increase since last November and stronger than the forecast of 0.5 percent.

Similarly, imports logged a monthly expansion of 3.1 percent, following August's 1.4 percent decrease. The rate was the biggest since January. The expected growth was 0.5 percent.

As growth in imports exceeded exports growth, the trade surplus fell to EUR 15.3 billion from EUR 16.9 billion in August.

Year-on-year, exports were up 5.3 percent, in contrast to the 4.1 percent drop in August. Annual growth in imports accelerated to 7.5 percent from 0.9 percent.

On an unadjusted basis, the trade surplus fell to EUR 17.3 billion from EUR 18.7 billion in the previous year.

Data showed that shipments to the US increased for the first time after five consecutive decreases. Exports to the US gained 11.9 percent, while that to China dropped 2.2 percent.

At the same time, exports from the US and China increased 9.0 percent and 6.1 percent, respectively.

Today's data shows that German exports are not falling off a cliff, ING economist Carsten Brzeski said. However, half a year after US President Trump's 'Liberation Day', German exports have still not fully recovered, he noted.

The economist observed that the September increase in exports is too weak to dispel concerns about persistent structural weakness.

Tags: EUR

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