Salem Radio Network News Wednesday, February 28, 2024

Business

German exports unexpectedly drop in October

BERLIN (Reuters) – German exports unexpectedly fell in October, edging down 0.2% on the previous month as demand in the European Union slumped, data from the federal statistics office showed on Monday.

The result compared with a forecast 1.1% increase in a LSEG poll, following a strong 2.5% fall in September.

Exports to EU countries shrank by 2.7% in October, the office said.

The trade data follows a November survey by the Ifo economic institute that indicated a stabilisation in exports in Europe’s largest economy, although few sectors expected exports to increase.

Imports from Europe’s largest economy also dropped unexpectedly in their fifth consecutive monthly decline, by 1.2% month on month.

The statistics office publishes detailed economic data on its website.

(Reporting by Tristan Veyet and Rene Wagner, Editing by Rachel More and Bernadette Baum)

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