German exports, industrial manufacturing rise greater than anticipated

By Maria Martinez

(Reuters) -German exports and industrial manufacturing rose greater than anticipated in November, however the outlook for the euro zone’s largest economic system stays something however rosy.

Exports elevated by 2.1% in November in comparison with the earlier month, knowledge from the statistics workplace confirmed on Thursday. The outcome in contrast with a 2.0% enhance forecast in a Reuters ballot.

Whereas exports to EU international locations dropped by 1.7% on the month, exports to international locations exterior of the EU elevated by 6.9%.

Exports of products to america had been up 14.5% in contrast with October and exports to the U.Ok. rose by 8.6%, whereas exports to China decreased by 4.2%, knowledge from the statistics workplace confirmed.

Imports had been down by 3.3% on a calendar and seasonally adjusted foundation in contrast with October.

The international commerce stability confirmed a surplus of 19.7 billion euros ($20.30 billion) in November, up from 13.4 billion euros in October.

In the meantime, German industrial manufacturing rose by 1.5% in November in comparison with the earlier month, the federal statistics workplace stated on Thursday. Analysts polled by Reuters had predicted a 0.5% rise.

“This rebound in industrial exercise sadly comes too late to keep away from one other quarter of stagnation and even contraction,” stated Carsten Brzeski, international head of macro at ING.

In contrast with November 2023, manufacturing was 2.8% decrease in November 2024 after adjustment for calendar results.

The much less unstable three-month on three-month comparability confirmed that manufacturing was 1.1% decrease within the interval from September to November than within the earlier three months.

Though industrial manufacturing picked up in November, the extent of output was nonetheless very low by previous requirements: 8% under its stage earlier than Russia’s February 2022 invasion of Ukraine and 15% under an all-time excessive in November 2017, stated Franziska Palmas, senior Europe economist at Capital Economics.

Industrial orders declined 5.4% in November from the earlier month, the federal statistics workplace stated on Wednesday, exhibiting that demand stays weak.

“With business going through a number of structural headwinds we anticipate the sector to proceed to wrestle this yr,” Palmas stated.

($1 = 0.9706 euros)