German Exports Rose in October, Beating Forecasts
By Maria Martinez
German exports increased in October, beating forecasts and
surpassing pre-pandemic levels.
Exports rose 4.1% on month in adjusted terms, statistics office
Destatis said Thursday. Economists had forecast a 1.1% increase in
adjusted terms, according to a poll by The Wall Street Journal.
Imports increased 5.0% on month, Destatis said. The figures
account for seasonal swings and calendar effects.
Monthly exports were 3.8% higher than their level in February
2020, the month before restrictions were imposed in Germany because
of the coronavirus pandemic, while imports were 13.5% higher.
Germany's trade surplus--the balance of exports and imports of
goods--stood at 12.5 billion euros ($14.2 billion) in calendar and
seasonally adjusted terms in October. The figure was below
expectations from economists polled by The Wall Street Journal who
had forecast the trade surplus at EUR13.8 billion.
Compared with October 2020, exports to European Union countries
increased by 11.6%, while imports from those countries rose by
14.6%, the data showed.
According to provisional results from Deutsche Bundesbank, the
country's central bank, the current account of the balance of
payments showed a EUR15.4 billion surplus in October, taking into
account the balance of trade in goods including supplementary trade
items, services, primary income and secondary income.
Write to Maria Martinez at email@example.com
(END) Dow Jones Newswires
December 09, 2021 02:29 ET (07:29 GMT)
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