German exports unexpectedly drop in October
2023.12.04 03:31
© Reuters. FILE PHOTO: Containers are seen at a terminal in the port of Hamburg, Germany November 14, 2019. REUTERS/Fabian Bimmer/File Photo
BERLIN (Reuters) – German exports unexpectedly fell in October, edging down 0.2% on the previous month as demand in the European Union slumped, data from the federal statistics office showed on Monday.
The result compared with a forecast 1.1% increase in a LSEG poll, following a strong 2.5% fall in September.
Exports to EU countries shrank by 2.7% in October, the office said.
The trade data follows a November survey by the Ifo economic institute that indicated a stabilisation in exports in Europe’s largest economy, although few sectors expected exports to increase.
Imports from Europe’s largest economy also dropped unexpectedly in their fifth consecutive monthly decline, by 1.2% month on month.
The statistics office publishes detailed economic data on its website.
