Germany's exports rose unexpectedly in October, rebounding from the previous month's drop, on demand from outside Europe, raising hopes of slight economic growth at the end of the year.
Exports grew by 0.3 percent in October from September, Destatis reported Monday. Economists had forecast shipments to fall 0.3 percent following last month's 2.4 percent drop.
Imports advanced 2.5 percent month-on-month, offsetting September's 1.4 percent fall. Imports were expected to climb just 0.4 percent.
As the import growth outpaced that of exports, the trade surplus fell to EUR 15.8 billion from EUR 16.9 billion in September. The decline was in line with expectations.
At the same time, the current account surplus totaled EUR 13.6 billion, down from a surplus of EUR17.3 billion in the prior month.
On an annual basis, exports increased 10.6 percent and imports rose 6 percent in October. German exports to the EU advanced 7.8 percent and imports from these countries rose 5.4 percent. Exports to and imports from the euro area rose 7 percent and 4.8 percent, respectively.
Exports of commodities to countries outside the European Union surged up 14.6 percent compared to a 6.9 percent increase in imports.
Citing widespread uncertainty and difficult economic situation in parts of the euro area, last week, the Bundesbank slashed its 2013 growth forecast for Germany to 0.4 percent from 1.6 percent. The GDP growth for 2012 is estimated at 0.7 percent.
The European Central Bank projects the euro area to contract 0.5 percent this year and by 0.3 percent in 2013.
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