Home / World Economy / World Economy News / German Exports Rose by More Than Expected in November

German Exports Rose by More Than Expected in November

German exports continued their recovery in November, beating expectations despite lockdown restrictions to contain the coronavirus pandemic.

The country’s exports rose 2.2% in November from October in adjusted terms, statistics office Destatis said Friday. Economists had forecast a 1.2% increase in adjusted terms, according to a poll by The Wall Street Journal.

Imports in November increased 4.7% on month. The figures account for seasonal swings and calendar effects.

Compared with February–the month before spring’s coronavirus lockdown–exports were down by a calendar and seasonally adjusted 4.7% and imports down by 0.6%, Destatis said.

Germany’s trade surplus–the balance of exports and imports of goods–totaled 16.4 billion euros ($20.12 billion) in calendar and seasonally adjusted terms in November, Destatis said. Economists polled by the Journal forecast the trade surplus at EUR17.5 billion.

Exports totaled EUR111.7 billion, while imports amounted to EUR94.6 billion, both in adjusted terms. Of the exports, EUR59.5 billion went to European Union member states and EUR52.2 billion to other countries.

According to provisional results from central bank Deutsche Bundesbank, the current account of the balance of payments showed a EUR21.3 billion surplus in November, which takes into account the balances of trade in goods including supplementary trade items, services, primary income, and secondary income.
Source: Dow Jones

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping