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German Trade Surplus Narrows
German Trade Surplus Narrows

German Trade Surplus Narrows

German Trade Surplus Narrows

German imports outpaced exports in October, slightly narrowing the country’s oft-criticized massive trade surplus, preliminary data showed on Friday. Exports from Europe’s top economy slid 0.4% compared with September, while imports climbed by 1.8%, federal statistics office Destatis said in seasonally-adjusted figures, AFP reported. The bigger demand for goods from abroad lowered Germany’s trade surplus from €21.8 billion ($25.6 billion) in September to €19.9 billion in October. Analyst Carsten Brzeski of ING Diba bank said the soft trade data signaled that Germany’s otherwise strong economy was starting the fourth quarter “on a weaker footing”. But he saw no reason to worry. “There is a clear upward trend,” he said, noting that exports remained a strong driver of growth in Germany. October imports were driven higher by brisk appetite for goods made within the European Union, particularly outside the eurozone, Destatis noted. “Germany currently exports as much to Hungary, Poland and the Czech Republic as it does to the Netherlands, Belgium and Luxembourg,” Brzeski said.

 

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