German exports rise in October, defying expectations

Business

BERLIN (AP) — German exports posted a second consecutive month-on-month increase in October, defying economists’ expectations of a slight decline.

The Federal Statistical Office said Monday that exports rose 1.2% compared with the previous month. That followed a 1.5% increase in September.

In year-on-year terms, exports were up 1.9%, led by a 4.6% rise in demand from countries outside the European Union. Exports to other EU nations rose only 0.1%.

German imports were flat compared with September and down 0.6% on the year.

The unexpectedly upbeat exports report followed data last week showing that factory orders and industrial production both declined in October. Germany only narrowly avoided entering a recession in the third quarter.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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