Berlin — Germany’s exports grew at the strongest pace in more than a year in October, despite continued supply bottlenecks in manufacturing, data showed Thursday.
According to the Federal Bureau of Statistics, seasonally adjusted exports increased 4.1% the following month, when they fell in August and September.
Imports also made an unexpected leap, rising 5% after a slightly revised 0.4% rise last month.
Alexander Krueger, chief economist at Bankhaus Lampe, said the catch-up effect of the automotive sector is likely to boost exports and warned that a major leap is unlikely due to the uncertainties caused by pandemics and delivery logistics. ..
“If the material flows again in sufficient quantity, the company can process the backlog of the order,” said Thomas Gitzel, Chief Economist at VP Bank.
“But first, we have to overcome the drought ahead due to lack of materials.”
The DIHK Chamber of Commerce expects exports to increase 7.5% this year and 7% next year.
The trade surplus fell from the revised € 12.9 billion in September to € 12.5 billion ($ 14.16 billion).
A Reuters poll pointed out that exports increased by 0.9%, imports increased by 0.4% and the trade balance was € 13.4 billion.
($ 1 = 0.8830 euros)