Germany's trade surplus in October highest since June

By Tuba Ongun

Germany's foreign trade surplus amounted to €17.8 billion ($19.4 billion) in October, its highest level since June, according to official data released on Monday.

The figure improved from a 4-month low of €16.7 billion in September and €7.8 billion in October 2022, Destatis data showed.

German exports dropped 8.1% year-on-year to €126.4 billion in October, the lowest since March 2022.

Its imports also plunged 16.3% to nearly a 2-year low of €108.6 billion.

Compared to a month ago, exports and imports ticked down 0.2% and 1.2%, respectively.

Germany's shipments to non-EU countries amounted to €58.5 billion, while its imports were €51.8 billion.

Most German exports in September went to the US, worth €13.5 billion, a hike of 5.7% from September.

Exports to China increased by 1.5% to €7.9 billion and to the UK up by 5.6% to €6.6 billion.

Germany's main source of imports was China with €12.7 billion, a decline of 2.4% from a month ago.

Its purchases from the US rose by 2.2% month-on-month to €7.7 billion in November.

Shipments to Russia, meanwhile, plummeted 40.5% from a year ago to €600 million, while imports from the country totaled €200 million, diving 88.5% in the same period.