German trade surplus shrinks in September
Germany’s trade surplus was smaller than expected in September as imports outstripped exports, data released on Monday showed.
According to Destatis, the country’s statistical office, the trade surplus, adjusted for seasonal swings and calendar effects, narrowed to €19.4bn from €19.7bn, compared with analysts’ expectations for a €20bn reading.
The narrowing was driven by a surge in imports, which grew 3.6% month-on-month in September compared with a downwardly revised 3.2% decline in the previous month and with consensus forecast for a 1% gain.
Destatis added that the adjusted value of total imports amounted to €80.9bn, the highest since records began in 1991.
Meanwhile, exports rose 2.6% month-on-month, recovering from a 5.2% decline in August, the sharpest decline in almost seven years, and beating expectations for a 2% gain.
Elsewhere, Germany’s current account balance showed a surplus of €25.1bn in September, compared with an upwardly revised 13.3bn in the previous month and with analysts’ forecast for a€21.9bn reading.