Germany Balance of Trade

Germany's trade surplus declined to EUR 13.4 billion in October 2024 from a downwardly revised EUR 16.9 billion in September, smaller than forecasts of EUR 16.1 billion, marking the smallest trade surplus since November 2022. Exports dropped 2.8% mom to a 31-month low of EUR 124.6 billion, faster than forecasts of a 2% drop, following a downwardly revised 1.7% fall in September. Shipments to the EU dropped by 0.7%, and those to third countries fell by 5.3%, with exports to the US, China, and Russia slumping by 14.2%, 3.8%, and 9.4% each. By contrast, exports rose to the UK (2.1%). Meanwhile, imports edged down 0.1% to EUR 111.2 billion, reversing from a downwardly revised 2.0% drop in September, compared to market forecasts of a 0.6% drop. Imports from non-EU countries fell by 0.6%, with notable declines in purchases from China (-3.0%). Meanwhile, imports from the EU were up by 0.4%. For the first ten months of 2024, the country posted a surplus of EUR 200.4 billion.