Germany: Merchandise trade surplus narrows in November
Latest reading: In November, the trade balance was EUR +13.1 billion, following a EUR +17.2 billion figure in the prior month. Over the last 12 months, the trade balance summed to EUR +202.1 billion. This was the smallest surplus since December 2022.
Exports declined 2.5% in seasonally adjusted month-on-month terms in November, following a 0.3% rise in the prior month and surprising markets on the downside. The decline was driven by a fall in exports to other EU countries and the U.S. Imports increased 0.8% in seasonally adjusted month-on-month terms in November, coming on the back of a 1.5% fall in the previous month.