German exports and imports fell in October when adjusted for seasonal factors, reflecting the global economic malaise, with imports down on persistently weak domestic demand, data showed today.
The Federal Statistics Office said exports totalled €58.6 billion in October, compared with €55.0 billion in September, while imports totalled €47.6 billion in October, after €44.1 billion the month before.
However, the Office said that when adjusted for seasonal effects, exports actually fell 5.7 per cent month-on-month, while imports fell 2.7 per cent.
Economists said the month-on-month decline in exports was partly a correction after strong gains in previous months. But weak development in imports reflected sluggish domestic demand.
Mr Ralph Solveen, an economist at Commerzbank, said trade was unlikely to significantly spur the economy until well into 2003.
"The data fit in with the picture of the weak global economy and exports will probably remain weak in Q4 and the first few months of 2003, but we should see a modest recovery after that as the global economy picks up," he said.
Germany exported goods worth €31.6 billion to the European Union - its main trading partner - a rise of 2.1 per cent year-on-year, while exports to non-EU countries grew 2.6 per cent to 27.0 per cent.
Overall, exports were up 2.4 per cent on the year in October, compared with a year-on-year rise of 10.9 per cent booked in September.
A drop in imports on the year reflected feeble domestic demand in Europe's largest economy, and helped propel the trade surplus to €11.1 billion in October from €10.9 billion in September and €9.7 billion a year ago.