Germany’s Trade Surplus Contracts in November

(MENAFN) Germany’s external trade balance narrowed significantly to €13.1 billion ($15.26 billion) in November, down from €17.2 billion in October, according to figures published Friday by the Federal Statistical Office (Destatis).

The outcome was far below market forecasts of a €16.3 billion surplus.

Year-on-year, exports from Europe’s largest economy slipped 0.8% to €128.1 billion, while imports climbed 5.4% to €115.1 billion.

On a monthly basis, exports dropped 2.5% in November, whereas imports edged up 0.8%.

Sales to fellow EU nations totaled €73.1 billion, while purchases from these countries reached €58.7 billion.

Exports to non-EU destinations amounted to €55.1 billion, while imports from outside the bloc stood at €56.3 billion.

The US remained Germany’s top export market, though shipments fell 4.2% month-on-month to €10.8 billion. On an annual basis, exports to the US plunged 22.9%.

Exports to China increased 3.4% compared to October, reaching €6.5 billion, while deliveries to the UK declined 8.1% to €6 billion.

On the import side, China was Germany’s largest supplier, with purchases totaling €14.9 billion in November, up 8% from October. The US ranked second, with imports rising 7.9% month-on-month to €7.7 billion.

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