Germany's exports decreased marginally in October, while imports logged the steepest decline in nearly two years, data from Destatis showed Tuesday.
Exports dropped 0.5 percent month-on-month in October reversing a 5.5 percent rise in September. Economists had forecast a 1.7 percent drop for October.
At the same time, imports tumbled by 3.1 percent after increasing 5.2 percent a month ago. It was the biggest fall since November 2012 and was worse than the expected 1.7 percent fall.
As the decline in imports exceeded the fall in exports, the trade surplus increased to a seasonally adjusted EUR 20.6 billion in October from EUR 18.6 billion in September.
On the other hand, the unadjusted trade surplus fell to EUR 21.9 billion in October from EUR 22.1 billion in the prior month. It was forecast to fall to EUR 18.9 billion.
The year-on-year growth in exports slowed to 4.9 percent from 8.6 percent in September. Likewise, growth in imports eased sharply to 0.9 percent from 8.2 percent. Nonetheless, exports value reached a record EUR 103.9 billion in October.
Shipments to euro area gained 1.9 percent and that to non-euro area advanced 7.6 percent. At the same time, imports from euro area grew by 0.2 percent and those from the non-euro area climbed 3.6 percent.
The current account balance showed a surplus of EUR 23.1 billion in October compared to a EUR 17 billion surplus in the same period of last year. Economists had expected a surplus of EUR 18 billion.
Data released on Monday showed that the German industrial production softened in October, but order growth topped expectations. According to the Purchasing Managers' survey, the German private sector expanded at the slowest pace in 17 months in November. New business placed with private sector firms declined for the first time since June last year.
Last week, the Bundesbank halved its growth outlook for next year to 1 percent from 2 percent. In a report released on December 5, the bank said the largest Eurozone economy will grow 1.4 percent this year, instead of 1.9 percent. For 2016, the central bank estimates 1.6 percent economic growth.
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