German exports see unexpected decline in October

21:22, December 08, 2010      

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German exports surprisingly slump in October on a monthly basis, showing strong euro and budget cuts across Europe has weakened overseas sales of German firms, official data showed Wednesday.

The Federal Statistics Office said that German exports dropped 1.1 percent to about 86.8 billion euros (114.6 billion U.S. dollars) in October on the month, reversing an impressive 3.0-percent surge in September. Analysts had forecast that the figure would stagnate.

Imports slightly climbed 0.3 percent month-on-month to 72.6 billion euros after falling 1.5 per cent in September, which made the trade surplus shrank to 14.3 billion euros in October, the office said.

On a yearly basis, German exports, widely seen as a key drive for the country's solid recovery, jumped 19.8 percent in October, while imports gained 21 percent.

The office said that Germany's dispatches to the European Union (EU) countries increased by 14.9 percent on the year, while exports to third countries, or non-EU states climbed 28.4 percent.

Some analysts said German exports, the world's No.2 after China, is set to post a strong growth this year. However, the country's foreign sales in the third and fourth quarter might stay at a modest level as some EU countries carried out austerity measures and others suffered debt pains.

The Ministry of Economics and Technology said Tuesday that the country's foreign Orders added 0.8 percent in October, mostly weakened by a 0.9-percent decline from the euro zone countries. Orders from non-eurozone states surged 4.4 percent.

Powered by surging exports and sinking unemployment, the Europe's largest economy witnessed a robust recovery since spring after experiencing the worst post-war recession in 2009.

Figures showed the country's jobless workers have been less than 3 million since October, hitting the lowest level since 1991.

German central bank forecast last week that the country's economy would grow 3.6 percent this year and 2.0 percent in 2011.

In October, the German government greatly raised its official expectation of growth from the original 1.4 percent to 3.4 percent, while its independent panel of economic advisers said later that the figure could reach 3.7 percent this year.

Source: Xinhua


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