German foreign trade surplus reaches USD19.4B in October

12/5/2023 3:00:32 AM

(MENAFN) According to official data released on Monday, Germany's foreign trade surplus reached €17.8 billion (USD19.4 billion) in October, marking its highest level since June. This improvement contrasts with the figures from September, which stood at €16.7 billion (USD18,04 billion), and October 2022, where it was at €7.8 billion (USD8,42 billion), as indicated by Destatis data.

In October, German exports saw a year-on-year decline of 8.1 percent, amounting to €126.4 (USD136,5 billion) billion, the lowest since March 2022. Concurrently, imports experienced a sharper decrease of 16.3 percent, reaching nearly a two-year low of €108.6 billion (USD117,3 billion).

Compared to the previous month, both exports and imports in October showed marginal declines of 0.2 percent and 1.2 percent, respectively.

In terms of trade with non-EU countries, Germany's exports and imports amounted to €58.5 billion (USD63,2 billion) and €51.8 billion (USD55,9 billion), respectively.

September's main destinations for German exports included the US at €13.5 billion (USD14,5 billion) (a 5.7 percent increase from September), China at €7.9 billion (USD8,53 billion) (a 1.5 percent increase), and the UK at €6.6 billion (USD7,13 billion) (a 5.6 percent increase).

China remained Germany's primary source of imports in November, accounting for €12.7 billion (USD13,7 billion) (a 2.4 percent decline from the previous month). Imports from the US rose by 2.2 percent month-on-month to €7.7 billion (USD8,32 billion) in November.

In the same period, shipments to Russia experienced a significant decline, dropping by 40.5 percent from a year ago to €600 million (USD648,3 million), while imports from Russia totaled €200 million (USD216,1 million), reflecting an 88.5 percent decrease.

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