Germany's trade surplus narrowed to €13.4 billion in October 2024, down from a downwardly revised €16.9 billion in September and below the expected €16.1 billion.
German trade surplus smallest in 23 months
This marked the smallest trade surplus since November 2022. Exports fell 2.8% month-on-month to €124.6 billion, the lowest in 31 months, exceeding the forecasted 2% decline, after a revised 1.7% drop in September. Shipments to the EU decreased by 0.7%, while exports to third countries dropped by 5.3%, with significant declines in exports to the US (-14.2%), China (-3.8%), and Russia (-9.4%). However, exports to the UK rose by 2.1%.
Imports edged down
Imports edged down 0.1% to €111.2 billion, reversing a downwardly revised 2.0% drop in September and diverging from the anticipated 0.6% decrease. Imports from non-EU countries fell by 0.6%, with a notable 3.0% drop in purchases from China, while imports from the EU increased by 0.4%. For the first ten months of 2024, Germany posted a trade surplus of €200.4 billion.
