Germany’s exports rise less than imports in November
Data from Germany’s official statistics office, Destatis, showed that exports posted a monthly gain of 0.4% on a seasonally adjusted basis, reversing a drop of 1.3% in October, while imports climbed 1.6% following a decrease of 3.2% in the previous month, bringing the trade surplus to €19.7 billion ($21.4 billion).
The November export figure fell below economists’ forecasts, which called for a gain of 0.7% in a survey by Reuters, while imports beat expectations of 1%. The weakness in exports was attributed to globally sluggish demand.
Meanwhile, Destatis also reported that Germany’s industrial production fell 0.3% on the month in November, missing economists’ expectations that called for an increase of 0.5%. Energy production rose by 2.5% while construction output gained 1.6%. However, excluding energy and construction, industrial production dropped 0.8% on the month in November.
The production of capital goods dipped 3.3%, but intermediate goods and consumer goods output moved up 1.1% and 1.9%, respectively, in November.
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