German exports rise sharply, easing recession fears
Exports to other EU countries increased with strong growth in the Netherlands and Belgium
German exports rose by 4.6 per cent in September, their biggest rise in almost two years. The figures provided relief after concerns that Europe’s largest economy would fall into recession in the third quarter.
After seasonal and calendar adjustments the increase in German exports was 1.5 per cent on the same month a year ago, according to the Federal Statistics Office. It was their biggest increase since November 2017, with growth higher than expected.
Exports to other EU countries increased 5.6 per cent, with particularly strong growth in the Netherlands and Belgium, the Financial Times reported.
Exports to the US increased 6.9 per cent, while shipments to China fell 3.3 per cent.
German imports rose 2.3 per cent in September and the country’s trade surplus increased from €16.4bn (£14.1bn, $18bn) in August to €21.1 billion in September.
Third-quarter figures for German gross domestic product are due on November 14.
Last month the Bundesbank reported that the German economy contracted for the second consecutive quarter, following a 0.1 per cent decline in GDP in Q2.
Germany has been hit by the US-China trade war, uncertainty over Brexit and a decline in the car industry, with car manufacturing falling 12 per cent.
FURTHER READING: German manufacturing orders enjoy unexpected upswing in September