Foreign trade - German exports down in October
Germany's export companies delivered fewer goods abroad in October. Adjusted for calendar and seasonal effects, exports "Made in Germany" fell both compared to the previous month (minus 0.2%) and compared to the same month last year (minus 8.1%), according to the Federal Statistical Office in Wiesbaden. In total, goods worth 126.4 billion euros were delivered abroad.
Goods worth 108.6 billion euros were imported. This represents a decline of 1.2 percent compared to the previous month and 16.3 percent compared to the same month last year.
German foreign trade has been feeling the effects of the weak global economy for some time now, which has dampened demand for "Made in Germany". The export balance for the first ten months was also negative. The value of exported goods fell by 0.8 percent to 1304.6 billion euros compared to the same period last year.
Last year, German foreign trade had still achieved a record result, in part due to significant price increases. However, the effects cannot be precisely quantified as the statisticians do not collect price-adjusted data on foreign trade.
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- Despite the challenging economic situation, Germany continues to be a significant player in international foreign trade, as evidenced by the data released by Destatis in Wiesbaden.
- The decline in exports and imports indicates a potential impact on Germany's balance of trade, which will need to be monitored closely in the coming months by economic analysts and market experts.
- It's worth noting that the weak global economy, leading to dampened demand for 'Made in Germany' goods, has had a notable impact on both imports and exports, according to the analysis by the Federal Statistical Office in Wiesbaden, Germany.
- Taking a broader perspective, the foreign trade data highlights the interconnectedness of international economies, as Germany's export performance can be influenced by global economic trends and foreign demand for its products.
Source: www.stern.de
