Germany posted a trade surplus in September, although the country was expected to swing to a trade deficit.
Germany’s trade surplus–the country’s balance of exports and imports of goods–was 3.7 billion euros ($3.65 billion) in calendar and seasonally-adjusted terms in September, widening from a EUR1.2 billion surplus in August, according to data from German statistics office Destatis released Wednesday.
Economists polled by The Wall Street Journal expected a EUR0.5 billion deficit in September.
German exports fell 0.5% on month to EUR134.5 billion, while imports posted a larger decline of 2.3%, to EUR130.8 billion.
Exports to European Union countries dropped by 1.7% on month, while imports from those countries fell by 1.2%. Exports to countries outside the EU increased by 1.0% and imports from those countries decreased by 3.4%, Destatis data showed.
Germany’s trade surplus has shrunk significantly in the last few months as softening external demand weighs on exports from the country’s powerful manufacturing sector. The cost of imports has also increased markedly since the start of the war in Ukraine as energy prices soared.
Write to Maria Martinez at [email protected]
