German Exports Decline More Than Expected in October

By Maria Martinez

(Reuters) – German exports fell more than expected in October, signaling a delay in the anticipated recovery of external demand.

Exports decreased by 2.8% compared to the previous month, as reported by the federal statistics office on Friday, surpassing the 2% drop predicted in a Reuters poll.

The foreign trade balance yielded a surplus of 13.4 billion euros ($14.02 billion) in October, a decline from 16.9 billion euros the prior month and 18.9 billion euros in October 2022.

Exports to EU countries dropped by 0.7% on the month, while shipments to third countries saw a significant 5.3% decline.

Most of Germany's exports went to the United States, although shipments of goods to the U.S. fell by 14.2% compared to September.

Exports to China decreased by 3.8%, while exports to the U.K. saw a modest rise of 2.1%, according to the statistics office.

($1 = 0.9559 euros)