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German exports tumble, raising concerns about economic recovery

by admin December 13, 2024
December 13, 2024
German exports tumble, raising concerns about economic recovery

The German economy, long considered a powerhouse of global trade, experienced an unexpected setback in October, with exports declining more than anticipated.

This downturn casts a shadow on hopes for a swift recovery in external demand, signaling a potential delay in the much-anticipated rebound.

According to data released by the federal statistics office on Friday, German exports contracted by a significant 2.8% compared to the preceding month.

This figure surpassed even the most pessimistic forecasts, exceeding the 2% drop predicted by a Reuters poll, underscoring the depth of the slowdown.

Trade surplus shrinks amid global demand weakness

The decline in exports had a direct impact on Germany’s trade balance, which saw a marked contraction in October.

The foreign trade balance recorded a surplus of 13.4 billion euros ($14.02 billion), a notable decrease from the 16.9 billion euro surplus in September and a sharp fall compared to the 18.9 billion euros recorded in October of the previous year.

This shrinking surplus highlights the challenges facing Germany’s export-oriented economy amidst weakening global demand.

The data from the statistics office revealed that exports to EU countries experienced a modest 0.7% decrease, while those to third countries saw a more substantial decline of 5.3%.

US and China lead export declines, UK bucks the trend

Examining the regional breakdown of exports reveals a nuanced picture of Germany’s trade relationships.

While the United States remained the primary destination for German goods in October, exports to the US experienced a sharp decline of 14.2% compared to the previous month.

This significant drop suggests a weakening demand from a key trading partner.

Similarly, exports to China also decreased by 3.8% in the month.

On the other hand, exports to the United Kingdom bucked the trend, witnessing a modest increase of 2.1%.

This geographical variance underscores the complex and evolving nature of global trade dynamics impacting Germany’s export landscape.

The post German exports tumble, raising concerns about economic recovery appeared first on Invezz

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