German trade surplus widens in September as imports and exports fall

Imports and Exports | | MIC Customs Solutions |

Germany's trade surplus widened during September as imports fell at a faster pace than exports.

Germany saw its imports and exports take a dip in September, curtailing two consecutive months of improvements to both metrics.

The latest Federal Statistics Office data showed that the nation's seasonally adjusted exports fell by 0.4 per cent on the month, while imports were down by one per cent. Economists polled by Reuters had predicted that exports would fall by 1.1 per cent, with imports predicted to rise by 0.3 per cent.

This resulted in a trade surplus of €21.8 billion for the month, which was up from a downwardly-revised €21.3 billion total for August and higher than the Reuters consensus forecast of €21.1 billion.

Sales of German goods and services abroad barely grew overall in the third quarter, with trade not expected to make a significant contribution to economic growth in the third quarter, although the longer-term outlook remains strong.

Ulrike Kastens of the private bank Sal Oppenheim said: "Even the strong euro has not clouded the outlook for exports."