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Financial News: Germany's Exports Rise More Than Expected

Germany's Exports Rise More Than Expected

11/09/2020 - 02:23:00 (RTTNews)

(RTTNews) - Germany's exports grew more than expected in September, while imports fell unexpectedly, data from Destatis revealed on Monday.

Exports increased 2.3 percent month-on-month, faster than the economists' forecast of 2 percent but slower than the 2.9 percent growth logged in August.

Meanwhile, imports dropped 0.1 percent, confounding expectations for an increase of 2.1 percent. Imports were up 5.8 percent in August.

As a result, the trade surplus advanced to a seasonally adjusted EUR 17.8 billion from EUR 15.4 billion posted in August. The expected surplus was EUR 15.8 billion.

On a yearly basis, exports decreased at a slower pace of 3.8 percent, following a 10.2 percent drop seen in August. Likewise, imports were down 4.3 percent versus a 6.8 percent fall in the prior month.

The trade surplus totaled an unadjusted EUR 20.8 billion, which was smaller the EUR 21.2 billion surplus posted in September 2019.

The current account of the balance of payments showed a surplus of EUR 26.3 billion compared to EUR 23.5 billion in the same period last year.

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