Economy: German exports are surprisingly shrinking

Containers in the port of Hamburg

In addition to exports, German imports also shrank slightly.

(Photo: dpa)

Berlin German exports fell surprisingly in September due to weaker demand from the EU countries and China. Exports fell by 0.5 percent on the previous month to 134.5 billion euros, as the Federal Statistical Office announced on Wednesday.

Economists polled by Reuters had expected a small rise of 0.1 percent after an upwardly revised 2.9 percent increase in August.

Goods worth 73.4 billion euros were exported to the member states of the European Union (EU) in September. Compared to August, exports to these countries fell by 1.7 percent. 5.6 percent more goods were exported to the USA than in August. This increased exports to the United States to a value of 14.5 billion euros. Exports to the People’s Republic of China, on the other hand, fell by 2.0 percent to 8.9 billion euros.

German imports also fell in September compared to the previous month – by 2.3 percent to a volume of 130.8 billion euros. Most imports came from China. Goods worth 16.7 billion euros were imported from there, which was 5.4 percent more than in the previous month. Imports from the United States, on the other hand, fell by 1.3 percent to 8.1 billion euros.

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Despite all the risks, the mood among German exporters has recently brightened somewhat. Export expectations increased somewhat in October, as the Munich Ifo Institute recently found out in its monthly company survey. “The situation for exporting companies remains difficult,” said Ifo President Clemens Fuest. “The high level of uncertainty triggers reluctance to receive new orders from abroad.”

More: Retail reports a surprising increase in sales

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