German Exports Fall Unexpectedly

Germany’s exports dropped unexpectedly and imports logged its first time fall in eight months in September, official data revealed on Wednesday.

Exports dropped 0.5 percent month-on-month, Destatis reported. This was followed by a 2.9 percent rise in August. Shipments were expected to gain 0.1 percent.

At the same time, imports registered a decline of 2.3 percent, in contrast to the 4.9 percent rise in August. Imports were forecast to ease 0.4 percent. This was the first fall since January.

As the pace of fall in imports exceeded the decline in exports, the trade surplus increased to a seasonally adjusted EUR 3.7 billion from EUR 1.2 billion in the previous month. The surplus was forecast to fall to EUR 0.7 billion.

On a yearly basis, exports logged a double-digit growth of 20.3 percent but slower than the prior month’s 23.1 percent increase. Likewise, imports growth eased to 30.7 percent from 37.6 percent.

Exports to EU member states fell 1.7 percent and that to euro area economies dropped by 1.6 percent. Imports from EU member states and Eurozone decreased 1.2 percent and 0.6 percent, respectively.

Data showed that exports to the Russia slid 5.4 percent from August and imports from Russia plunged 33.1 percent. Germany exported 5.6 percent more goods to the United States, while imports from the U.S. fell 1.3 percent.

In a separate communiqué, the statistical office said the jobless rate held steady at seasonally adjusted 3.0 percent in September. The number of unemployed totaled 1.31 million, on a par with the level recorded in August 2022.

On an unadjusted basis, the unemployment rate was 2.9 percent versus 3.3 percent in the same period last year.

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