German imports fell sharply in October reflecting weak economic conditions in the Eurozone according to data issued Tuesday - declining oil prices were also a factor. However, unadjusted exports hit new monthly record high.
Germany exported goods to the value of €103.9bn and imported goods to the value of €81.9bn in October 2014 according to Destatis, the federal statistics office, which also reports that exports exceeded the former record high of September 2014 (€102.5bn). German exports increased by 4.9% and German imports by 0.9% from October 2013 to October 2014. After seasonal adjustment, exports declined by 0.5% and imports by 3.1% compared with September 2014.
The foreign trade balance showed a surplus of 21.9bn in October 2014. In October 2013, the surplus amounted to +€17.8bn. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of €20.6bn in October 2014.
According to provisional results of the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of €23.1bn in October 2014, which takes into account the balances of trade in goods including supplementary trade items (+€24.2bn), services (–€5.5bn), primary income (+€6.9bn) and secondary income (–€2.4bn). In October 2013, the German current account showed a surplus of €17.0bn.
In October 2014, Germany dispatched goods to the value of €59.7bn to the member countries of the European Union (EU), while it received goods to the value of €54.0bn from those countries. Compared with October 2013, dispatches to the EU countries increased by 3.9%, and arrivals from those countries by 1.2%.
Goods to the value of €37.5bn (+1.9%) were shipped to the Eurozone countries in October 2014, while the value of the goods received from those countries was 36.7bn (+0.2%). In October 2014, goods to the value of 22.2bn (+7.6%) were dispatched to EU countries not belonging to the Eurozone while the value of the goods which arrived from those countries was 17.3bn (+3.6%).
Exports of goods to countries outside the European Union (third countries) amounted to €44.2bn in October 2014, while imports from those countries totalled €28.0bn. Compared with October 2013, exports to third countries increased by 6.3% and imports from those countries by 0.2%.
The Eurozone imports are exaggerated by transhipments through the Dutch port of Rotterdam that are initially classified as of Dutch origin but are later reclassified as originating in ex-EU 28 countries.