(Sharecast News) - Germany's trade surplus eased to its lowest level in nearly three years in November as exports unexpectedly fell, data on Friday showed, while industrial output across the country picked up.
The calendar and seasonally adjusted foreign trade balance fell to €13.1bn in November, down from a revised €17.2bn in October, marking its smallest surplus since December 2022, according to Destatis figures.
Analysts had expected a much smaller decline to just €16.5bn.
Exports totalled €128.1bn during the month, unexpectedly falling 2.5% from October to its lowest level since October 2024, as shipments to countries across Europe fell sharply.
Exports to eurozone partners declined by 3.9% to €50.8bn, while shipments to non-eurozone, EU member states dropped 4.8% to €22.2bn.
Meanwhile, shipments further afield were relatively flat, down just 0.2% at €55.1bn, as higher exports to China (up 3.4% at €6.5bn) were offset by declining exports to the US (-4.2% at €10.8bn) and the UK (-8.1% at €6.0bn).
Imports, meanwhile, rose by 0.8% to €115.1bn, as a 6.3% increase in imports from outside the EU to €56.3bn was offset by a 4.0% drop in imports from the EU to €58.7bn.
Destatis also reported on Friday that German industrial production increased by 0.8% in November, marking its third month of growth but lower than the 2.0% increase registered in October. This was better than the 0.4% fall expected by the market.