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German exports slump in October month-on-month: Destatis

Xinhua, December 9, 2015 Adjust font size:

German exports fell in October month-on-month due to the weakening overseas demand, official data showed on Wednesday.

German exports decreased by 1.2 percent than the previous month, Destatis, the federal statistical office, announced on Wednesday.

Economists had expected only a seasonally adjusted decrease of 0.5 percent, after an increase of 2.6 percent in September.

However, Germany exported goods to the value of 106.2 billion euros (about 116.1 billion U.S. dollars) in October 2015, which represented an increase of 3.3 percent compared with October 2014.

The strong demand from European countries caused the growth, as German exports to the euro zone jumped 5.8 percent within a year.

Exports to Germany's eurozone partners, meanwhile, grew by 6.4 percent year-on-year.

Destatis reported that Germany's trade with the rest of the world, however, is shrinking at 0.9 percent.

With a fall of 3.4 percent in imports compared with September, Germany's foreign trade balance recorded a surplus of 20.8 billion euros in October 2015.

From January to October, German exports grew by 6.6 percent to a total of slightly more than one trillion euros.

The Federation of German Wholesale, Foreign Trade and Services (BGA) expected German exports to increase up to 6.0 percent for the full year of 2015. Endit