German exports tread water as shipments to the US and China fall

"German exports almost stagnated in October, official data showed Tuesday, as heavy declines in shipments to the United States and China eclipsed growing trade with the rest of Europe. Overall exports from Europe's top economy rose 0.1 percent to 131.3 billion euros from a month earlier, according to preliminary data from federal statistics agency Destatis. Shipments to the United States -- Germany's top export market -- plummeted almost eight percent as the effect of tariffs continues to exact a heavy toll."

"Total exports were slightly better than expected however -- analysts had forecast a decline -- as they were boosted by a near three-percent jump in sales to other European Union countries. ING economist Carsten Brzeski warned however that exports "are still facing rough headwinds" due to shifting trading relationships with the United States and China. "So far, the European market looks unable to offset these global headwinds," he said."

German exports rose 0.1 percent to 131.3 billion euros in October. Shipments to the United States fell almost eight percent as tariffs weighed on demand. Exports to China declined nearly six percent amid weak Chinese growth and rising competition from local firms. Sales to other European Union countries jumped nearly three percent, providing support to overall exports. Imports dropped 1.2 percent to 114.5 billion euros, widening the trade surplus to 16.9 billion euros. China reclaimed the position as Germany's top trading partner as it redirects more exports to Europe. Exports continue to face persistent headwinds and are unlikely to quickly return as a major growth engine.

Read at The Local Germany