Economy: Foreign trade weakens in October

German foreign trade felt the effects of the global economic slowdown in October.

Economy: Foreign trade weakens in October

German foreign trade felt the effects of the global economic slowdown in October. Exports fell by 0.6 percent compared to the previous month, as the Federal Statistical Office announced on Friday. Imports fell by 3.7 percent.

Altogether, calendar and seasonally adjusted goods worth 133.5 billion euros were exported from Germany in October. That was 14.2 percent more than a year earlier. Imports increased year-on-year by 20.9 percent to 126.6 billion euros.

The largest single market for goods "Made in Germany" was also the USA in October with 13.9 billion euros. Exports to the world's largest economy fell by 3.9 percent compared to the previous month. Exports to China were unchanged from the previous month at 8.9 billion euros. Goods worth 71.4 billion went to the EU, which corresponds to a minus of 2.4 percent.

Russia has lost importance as a trading partner for Germany as a result of the Ukraine war and the sanctions. In October, exports fell by 6 percent compared to the previous month to one billion euros. According to the Wiesbaden authorities, imports from the country, which is primarily a supplier of raw materials, fell by one percent to 1.8 billion euros.

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