German Wholesale Prices Drop, Exports Unexpectedly Decline in October

Wholesale prices in Germany fell by 0.6% in November compared to the same period last year. Similarly, data released today indicated that German exports decreased by 2.8% in October compared to September. This decline exceeded the analysts' forecast of a 2% decrease.

Germany's external trade balance recorded a surplus of 13.4 billion euros ($14.02 billion) in October. This figure is lower than the surplus of 16.9 billion euros in September and the 18.9 billion euros surplus recorded in October 2023.

The detailed report showed that exports to EU countries decreased by 0.7% compared to the previous month, while exports to non-EU countries fell by 5.3%.

While the United States continues to be the most important target country for German exports, there was a significant drop of 14.2% in goods exported to the U.S. compared to September figures. Additionally, exports to China saw a monthly decline of 3.8%. In contrast, according to the statistics office, exports to the United Kingdom increased by 2.1% compared to the previous month.