Germany’s Trade Surplus Increased by More Than Expected in November

By Xavier Fontdegloria

Germany’s trade surplus for November increased on month but overall trade flows declined, a sign of a slowing economy as high energy prices and rising interest rates take a toll on demand for goods.

The German adjusted trade surplus–the balance of exports and imports of goods–stood at 10.8 billion euros ($11.45 billion) in November, up from the EUR6.8 billion surplus registered in October, data from the country’s statistics office Destatis showed Thursday.

The reading beats the EUR7.5 billion surplus expected by economists polled by The Wall Street Journal.

German exports fell 0.3% on month to EUR135.1 billion compared with the 0.2% decline expected by economists, in a sign of waning demand among the country’s key trading partners as the global economy cools.

However, imports fell at a steeper pace of 3.3%, to EUR124.4 billion, likely reflecting lower domestic demand but also falling energy prices.

Foreign trade declined, in particular with other European Union member states, in November, with exports dropping 0.4% on month and imports decreasing 5.8%.

Germany’s trade surplus has shrunk significantly since the start of the Ukraine war, which caused a sharp rise in energy prices, increasing the overall imports bill.

Write to Xavier Fontdegloria at

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