German exports down 1.7% MoM, 0.2% YoY in Sept 2024: Destatis

Exports decreased by 0.2 per cent year on year (YoY) and imports rose by 1.3 per cent YoY in the month.

After calendar and seasonal adjustment, Germany exported goods worth €128.2 billion and imported goods to the value of €111.3 billion in September this year. The foreign trade balance showed a surplus of €17 billion in the month.

The calendar- and seasonally-adjusted surplus stood at €21.4 billion in August 2024 and €18.6 billion euros in September 2023.

On a calendar- and seasonally-adjusted basis, Germany exported goods worth €69.4 billion to the member states of the European Union (EU) in September—a month-on-month drop of 1.8 per cent, while it imported goods worth €57.8 billion from these countries in the period—a MoM rise of 1.6 per cent.

The value of the goods exported to euro area countries in September totalled €48.1 billion—a MoM drop of 2.4 per cent, and the value of the goods imported from these countries was €38.1 billion—a MoM rise of 2.2 per cent.

In September this year, goods to the value of €21.3 billion (a 0.3-per cent MoM drop) were exported to EU countries not belonging to the euro area, while the value of the goods imported from these countries was €19.7 billion (a 0.5-per cent MoM rise) on a calendar- and seasonally-adjusted basis, a Destatis release said.

On a calendar- and seasonally-adjusted basis, exports of goods to countries outside the EU (third countries) amounted to €58.8 billion in September—a 1.6-per cent MoM drop, while imports from these countries totalled €53.5 billion—a 2.6-per cent MoM rise.

Most German exports in September this year went to the United States; after seasonal and calendar adjustment, such exports were up by 4.8 per cent MoM to €14.2 billion.

Exports to China decreased by 3.7 per cent MoM in the month to €7.1 billion and exports to the United Kingdom fell by 4.9 per cent MoM to €6.4 billion.

Most imports in September were from China; goods worth €14.1 billion were imported from there—a 5.6-per cent MoM increase after calendar and seasonal adjustment. Imports from the United States decreased by 0.3 per cent MoM to €7.7 billion in the month, while imports from the United Kingdom dropped by 0.6 per cent MoM to €2.9 billion.

After seasonal and calendar adjustment, Germany’s exports to Russia increased by 3.6 per cent MoM and 5.6 per cent YoY to €0.6 billion in September. Imports from Russia rose by 20.1 per cent MoM and declined by 34.4 per cent YoY to €0.1 billion in September.

Fibre2Fashion News Desk (DS)