Germany: Merchandise exports pick up in November
Latest reading: Merchandise exports increased 2.1% in seasonally adjusted month-on-month terms in November, swinging from October’s 2.9% drop. November’s result marked the best print since January and surprised markets on the upside. Conversely, merchandise imports fell 3.3% in monthly terms in November (October: -0.3% mom s.a.), marking the weakest result since May 2024.
As a result, the merchandise trade balance improved from the previous month, recording a EUR 20.4 billion surplus in November (October 2024: EUR 14.7 billion surplus; November 2023: EUR 23.4 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a EUR 241.9 billion surplus in November, compared to the EUR 244.8 billion surplus in October.