German exports fall more than expected
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Berlin, Germany (AHN) – German exports fell by a larger percentage than forecast for October because of lower demand from southern European markets affected by the economic crisis.
Exports fell by 3.6 percent in October compared to September. It was larger than the 1 percent drop expected and the largest decrease seen by Germany in six months. By contrast, exports only fell by 1 percent in September compared to August.
Germany is Europe’s largest economy and it has been the economic engine for the region during the ongoing economic crisis.
In addition, German imports fell by 1 percent, which was also more than expected.
Germany saw its trade surplus fall from $23 billion to $15.5 billion, which is about 5.5 percent of the nations’ gross domestic product. Moreover, the surplus in the current account fell to $13.8 billion from $21.4 billion a month earlier.
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