After calendar and seasonal adjustment, Germany exported goods to the total value of €135.1 billion and imported goods to the value of €124.4 billion in November 2022. The foreign trade balance thus showed a surplus of €10.8 billion in November 2022. The calendar and seasonally adjusted surplus had been €6.8 billion in October 2022 and €10.8 billion in November 2021, according to a press release by Destatis.
In November 2022, German exports were down by 0.3 per cent and imports by 3.3 per cent on a calendar and seasonally adjusted basis month-on-month (MoM). Based on provisional data, the Federal Statistical Office (Destatis) also reports that exports increased by 13.3 per cent and imports by 14.7 per cent year-on-year (YoY) for the same period.
On a calendar and seasonally adjusted basis, Germany exported goods to the value of €73.0 billion to the member states of the European Union (EU), while it imported goods to the value of €61.0 billion from those countries in November 2022. Compared with October 2022, calendar and seasonally adjusted exports to the EU countries dropped by 0.4 per cent and imports from those countries by 5.8 per cent.
The value of the goods exported to euro area countries totalled €50.8 billion (-0.7 per cent) and the value of the goods imported from there was €41.4 billion (-6.5 per cent). Goods to the value of €22.2 billion (+0.4 per cent) were exported to EU countries not belonging to the euro area, while the value of the goods imported from those countries was €19.5 billion (-4.5 per cent).
Exports of goods to countries outside the EU (third countries) amounted to €62.1 billion in November 2022, while imports from those countries totalled €63.4 billion on a calendar and seasonally adjusted basis. Compared with October 2022, exports to third countries declined by 0.1 per cent and imports from those countries by 0.8 per cent.
Most German exports went to the United States in November 2022. Around 1.5 per cent less goods were exported there after seasonal and calendar adjustment, compared with October 2022. Exports to the United States thus dropped to €13.7 billion. Exports to China amounted to €8.8 billion (-1.5 per cent on the previous month) and exports to the United Kingdom rose by 16.1 per cent to €7.4 billion.
Most imports came from China in November 2022. Goods to the value of €15.7 billion were imported from there, which was a 7.8 per cent decrease compared with the previous month, after calendar and seasonal adjustment. Imports from the United States were down 1.4 per cent to €8.3 billion. Imports from the United Kingdom increased by 7.0 per cent to €3.1 billion in the same period.
Exports to Russia in November 2022 were up a calendar and seasonally adjusted 12.3 per cent to €1.1 billion on October 2022, whereas they were down 52.9 per cent on November 2021. Imports from Russia fell by 12.2 per cent to €1.6 billion in November 2022 from October 2022, added the release.
Germany exported goods to the value of €142.8 billion and imported goods to the value of €131.7 billion on a nominal basis (not adjusted for calendar or seasonal effects) in November 2022. Compared with November 2021, exports increased by 13.3 per cent and imports by 14.8 per cent. The unadjusted foreign trade balance showed a surplus of €11.1 billion in November 2022. In November 2021, the surplus had been €11.3 billion.
Fibre2Fashion News Desk (NB)