German exports unexpectedly drop in October

Containers are seen at a terminal in the port of Hamburg, Germany Nov 14, 2019. REUTERS/Fabian Bimmer/File photo

BERLIN  – German exports unexpectedly fell in October, edging down 0.2 percent on the previous month as demand in the European Union slumped, data from the federal statistics office showed on Monday.

The result compared with a forecast 1.1 percent increase in a LSEG poll, following a strong 2.5 percent fall in September.

Exports to EU countries shrank by 2.7 percent in October, the office said.

The trade data follows a November survey by the Ifo economic institute that indicated a stabilization in exports in Europe’s largest economy, although few sectors expected exports to increase.

Imports from Europe’s largest economy also dropped unexpectedly in their fifth consecutive monthly decline, by 1.2 percent month on month.

The statistics office publishes detailed economic data on its website.