In brief

• German exports rose 2% month on month in September, beating economists' expectations of 0.5%.
• Sales to EU countries outside the euro area led the gain, while exports to the US, Britain and China fell.
• Imports grew 4.2% from August, so the trade surplus narrowed.

Exports rebound after two months of decline

German exports recovered in September after two months of falling sales abroad. The Federal Statistical Office, Destatis, reported that exports rose 2% from August, after a 0.4% drop in the previous month (Nemecký export sa po dvoch mesiacoch zotavil. Tempo rastu je najvýraznejšie od februára – HNonline.sk). The figure beat the 0.5% increase that economists had expected (German exports rise 2% in September, beats forecast; surplus narrows – Investing.com).

The rebound was the strongest since February (Statistisches Bundesamt: Deutsche Exporte legen im September überraschend zu – ZEIT ONLINE). Shipments were valued at about 141 billion euros.

Gains concentrated in the EU

Sales to other European Union countries led the increase, rising 3.5%. Exports to EU members outside the euro area climbed 6.1%, while shipments to other euro-zone countries rose 2.4%.

Not all markets moved up. Exports to the United States fell 0.5%, to Britain 4.7% and to China 5.2% in the month.

Imports speed up

Imports kept growing in September and the pace picked up sharply. Purchases from abroad rose 4.2% from August, compared with 0.6% growth in the previous month. Because imports grew faster than exports, the trade surplus narrowed (German exports rise more than expected in September – Investing.com).

Year-on-year figures

Compared with September last year, exports were up 7.7%. For the first nine months of the year, exports grew 4.3%.

Comparison of key figures

• Exports, September vs. August (month on month): +2.0%
• Exports, August vs. July (month on month): -0.4%
• Exports to EU countries outside the euro area: +6.1%
• Exports to other euro-zone countries: +2.4%
• Exports to the United States: -0.5%
• Exports to Britain: -4.7%
• Exports to China: -5.2%
• Imports, September vs. August: +4.2%
• Exports, September vs. September last year: +7.7%

Outlook

The data show a stronger than expected start to the autumn for German foreign trade, though the weakness in exports to China and Britain persists. The narrowing surplus reflects faster import growth rather than a sharp drop in sales abroad.

Read also

• German Economy Grows 0.2% in Third Quarter, Beating Expectations
• German Industrial Output Unexpectedly Rises in September, Led by Carmakers