German exports continue to decline in October 2023
October 2023 put a further damper on Germany's exports with a decline of 0.2% compared to the previous month and even -8.1% compared to the same month last year. How does this affect international trade?
In October 2023, German exports recorded a slight decline compared to the previous month. According to provisional data from the Federal Statistical Office (Destatis), calendar and seasonally adjusted exports fell by 0.2% to 126.4 billion euros. In the same period, imports fell by 1.2% to 108.6 billion euros. Compared to the same month in the previous year, October 2022, there were larger declines. Exports were 8.1% lower and imports 16.3% lower.
Despite the decline, Germany's foreign trade balance remained positive. In October 2023, it closed with a surplus of 17.8 billion euros, compared to +16.7 billion euros in the previous month and +7.8 billion euros in October of the previous year.
Trade with the EU and third countries
Trade with EU countries also recorded declines. Exports to the EU fell by 2.7%, while imports declined by 2.8%. Exports within the eurozone fell by 1.9%, as did imports from these countries. Exports to non-EU countries rose by 2.9% and imports by 0.8% compared to the previous month.
Main partners and changes
Most German exports in October 2023 went to the United States (+5.7%) and China (+1.5%). Exports to the United Kingdom rose by 5.6%. The main sources of imports were China, the USA (+2.2%) and the UK, with imports from the UK falling by 15.1%.
Decline in trade with Russia
Trade with Russia continued to decline sharply. Exports fell by 5.0% compared to the previous month and by 40.5% compared to October 2022. Imports from Russia increased by 6.6% compared to the previous month, but were 88.5% below the level of the previous year's October.
Unadjusted values
In October 2023, goods worth €130.8 billion were exported and goods worth €112.7 billion were imported, not adjusted for calendar and seasonal effects. This corresponds to a decline in exports of 5.0% and imports of 14.4% compared to October 2022. The unadjusted foreign trade balance closed with a surplus of 18.1 billion euros in October 2023, compared to +6.1 billion euros in October 2022.
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