German Exports Rose at Slower Pace Than Imports in November

01/07/2022 | 02:26am
Maria Martinez

By Maria Martinez

German exports increased in November but at a slower pace than imports, narrowing the trade surplus, Germany's statistics office Destatis said Friday.

Exports rose 1.7% on month in adjusted terms. Imports increased 3.3% on month, Destatis said. The figures account for seasonal swings and calendar effects.

Monthly exports were 5.7% higher than their level in February 2020, the month before restrictions were imposed in Germany because of the coronavirus pandemic, while imports were 17.5% higher.

Germany's trade surplus--the balance of exports and imports of goods--stood at 10.9 billion euros ($12.3 billion) in calendar and seasonally adjusted terms in November. The figure was above expectations from economists polled by The Wall Street Journal who had forecast the trade surplus at EUR9.0 billion.

Compared with November 2020, exports to European Union countries increased by 12.1%, while imports from those countries rose by 19.3%, the data showed.

According to provisional results from Deutsche Bundesbank, the country's central bank, the current account of the balance of payments showed a EUR18.9 billion surplus in November, taking into account the balance of trade in goods including supplementary trade items, services, primary income and secondary income.

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(END) Dow Jones Newswires

01-07-22 0226ET

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