German exports took a surprising month-on-month jump in October, but that was offset by an even bigger rise in imports, resulting in a fall in the European economic powerhouse’s trade surplus.
According to figures released by Destatis, Germany’s national statistics office, exports rose by 0.7 percent in October from the previous month to €117.2 billion ($133.5 billion) while imports rose at an even quicker pace, up 1.3 percent to €98.9 billion.
Both figures were significantly up from those of a year earlier, exports by 8.5 percent and imports by 11.3 percent. The German economy, long powered by its dominant export sector, still commands a whopping trade surplus, but the surprisingly strong import figures have dented that surplus to the tune of almost €1 billion in terms of year-on-year figures.
The surplus fall suggests the German economy is feeling the swirls of the various global trade conflicts that have been blowing, and while the export rise is a welcome positive, industry leaders have greeted the news cautiously.
Read more on Deutsche Welle.