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Germany's Trade Surplus Rises back to Pre-Pandemic Levels

In November 2023, Germany experienced a significant increase in its trade surplus, reaching €20.4 billion. This figure exceeded market expectations, which were set at €17.9 billion, and marked an increase from the previous month's €17.7 billion. This is the highest trade surplus recorded since January 2021, driven by a stronger growth in exports compared to imports.


German exports rose by 3.7%, reaching a five-month peak of €131.2 billion, which was higher than the anticipated 0.3% increase. The growth in exports was particularly strong within the EU, at 5.4%, and to countries outside of the EU, with an increase of 1.8%. Notably, exports to China grew by 3.1%, to the UK by 15.2%, and to Russia by 12.8%. In contrast, exports from the United States decreased by 1.4%.


Our Take: This data indicates a recovery in Germany's trade, rebounding from the downturns caused by the pandemic and the Ukraine conflict. This is positive news for the Euro, which had been impacted by the shift in the Euro Area's trade balance due to increased energy import costs since March 2022.


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