German exports fell by 2.8% month-on-month in October, delivering another setback to Europe’s largest economy, which is grappling with a severe industrial crisis, according to official figures released on Friday.
In October, Germany exported goods valued at €124.6 billion, adjusted for seasonal variations, as reported by the Federal Statistical Office, Destatis. This marks the second consecutive month of decline following a 1.7% drop in September.
Imports also saw a slight decrease of 0.1%, totaling €111.2 billion, resulting in a trade surplus of €13.4 billion for the month.
Historically a cornerstone of the German economy, foreign trade is slowing down, reflecting the broader economic challenges facing the country amid high energy costs, weak demand, and increasing competition from China.
Key sectors such as automotive, machinery, and chemicals have been particularly impacted.
The United States remained the top destination for German exports in October, although there was a significant decline of 14.2%, amounting to €12.2 billion.
Exports to EU member states, where economic conditions are deteriorating, fell by 0.7% compared to September.
Exports to China, Germany’s second-largest trading partner, decreased by 3.8% to reach €6.9 billion, while exports to the United Kingdom rose by 2.1%, totaling €6.5 billion.
