German exports unexpectedly drop in October

GERMAN exports unexpectedly fell in October, edging down 0.2 per cent on the previous month as demand in the European Union slumped, data from the federal statistics office showed on Monday (Dec 4).

The result compared with a forecast 1.1 per cent increase in a LSEG poll, following a strong 2.5 per cent fall in September.

Exports to EU countries shrank by 2.7 per cent in October, the office said.

The trade data follows a November survey by the Ifo economic institute that indicated a stabilisation in exports in Europe’s largest economy, although few sectors expected exports to increase.

Imports from Europe’s largest economy also dropped unexpectedly in their fifth consecutive monthly decline, by 1.2 per cent month on month.

The statistics office publishes detailed economic data on its website. REUTERS