German export increased considerably
Economists had generally expected a contraction of 0.3 percent. In September there was a 1.5 percent increase in German exports. Imports from Europe’s largest economy remained unchanged at 98 billion euros in October, following a 1.3 percent increase a month earlier.
The statistics office stated that export to countries outside the European Union in particular was clearly on the rise. ING economist Carsten Brzeski spoke of a “welcome surprise” in German trade, after disappointing data on industry and retail sales in the country. He said that German exports continue to perform remarkably well despite trade tensions and the slower global economy. Stronger exports can, according to Brzeski, help Germany to prevent an economic contraction in the fourth quarter.