Germany's trade surplus widens to EUR 19.7B in November

Germany’s trade surplus expanded to EUR 19.7 billion in November 2024, up from EUR 13.4 billion in October, exceeding expectations of EUR 14.8 billion and marking the largest surplus since August.

Germany's trade surplus widens to EUR 19.7B in November

Exports rose 2.1% month-on-month to EUR 127.3 billion, surpassing forecasts of a 2% increase and recovering from a downwardly revised 2.9% drop in October. Sales to third countries increased by 6.9%, driven by stronger exports to the US (up 14.5%), Russia (up 21.0%), and the UK (up 7.2%), although exports to China declined by 4.2%. In contrast, exports to the EU fell by 1.7%. Imports unexpectedly dropped 3.3% to EUR 107.6 billion, the lowest level in five months, following an upwardly revised 0.3% decline in October and falling short of the expected 0.7% growth.

Germany's imports drop 2.1%, trade surplus hits EUR 220B

Purchases from third countries dropped by 2.1%, with notable decreases from China (-3.1%), the US (-3.7%), the UK (-4.7%), and Russia (-24.1%). Imports from the EU also decreased by 4.4%. For the first eleven months of 2024, Germany posted a trade surplus of EUR 220 billion.