German exports post unexpected dip in September

GERMAN exports posted an unexpected dip in September, decreasing by 0.5 per cent on the month, while imports fell more than expected, down 2.3 per cent, Federal Statistical Office data showed on Wednesday (Nov 2).

A Reuters poll had predicted a month-on-month rise in exports of 0.1 per cent while imports were expected to fall 0.4 per cent.

Germany had a seasonally adjusted trade surplus of 3.7 billion euros (S$5.2 billion) in September, the office reported, surging past a forecast surplus of 700 million euros.

Most imports came from China, Germany’s single biggest trade partner, which saw a 5.4 per cent increase on the month in September, while exports to China saw a 2 per cent dip, according to the office.

German Chancellor Olaf Scholz is heading to China this week, a trip that will be closely watched for clues on how serious Germany is about reducing its economic reliance on Asia’s rising superpower.

Sentiment among German exporters rose slightly in October, according to an Ifo institute survey this week, but the situation overall remains difficult due to tense energy markets and a weak global economic environment.

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The statistics office publishes a detailed table with more economic data. REUTERS