German trade surplus eases in October, remains lower than market expectations

Trade surplus in Germany eased during the month of October, remaining lower than what markets had initially anticipated.

In October 2016, goods worth EUR101.5 billion were exported from Germany and goods worth EUR82.2 billion were imported, data released by the Federal Statistical Office (Destatis) on the basis of provisional results, showed Friday.

German exports in October 2016 were 4.1 percent lower than in October 2015, while imports fell by 2.2 percent. Calendar and seasonally adjusted exports rose by 0.5 percent compared to the previous month, with imports increasing by 1.3 percent.

The foreign trade balance closed in October 2016 with a surplus of EUR19.3 billion. In October 2015 the balance in the foreign trade balance amounted to + EUR21.7 billion. On a calendar and seasonal basis, the balance of trade surpluses in October 2016 amounted to EUR20.5 billion.

Taking into account balances for trade in goods, including foreign trade supplements (EUR20.2 billion), services (- EUR3.5 billion), primary income (EUR5.5 billion) and secondary income (-EUR3.8 billion) According to preliminary calculations by the Deutsche Bundesbank, the current account balance in October 2016 with a surplus of EUR18.4 billion. In October 2015 the German performance balance had shown an active balance of EUR21.7 billion.

In October 2016, goods worth EUR41.8 billion were exported to countries outside the European Union (third countries) and goods worth EUR28.0 billion were imported from these countries. Compared with October 2015, exports to the third countries decreased by 3.4 percent and imports by 2.7 percent.

Meanwhile, the EUR/USD traded at 1.06, down -1.06 percent, while at 9:00GMT, the FxWirePro's Hourly Euro Strength Index remained highly bearish at -125.24 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex