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German September Exports Decline 0.7%

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Seasonally-adjusted exports from Germany declined 0.7% in the year to September following a 3.4% gain seen the previous month, while imports declined 0.5% over the year after a 1.9% gain previously.
During the first nine months of 2016, exports secured a 0.8% annual gain, while imports declined 0.2%.

There was a 2.3% increase in exports to the EU with a 1.1% decline in exports outside the EU. The only area to secure a gain in imports was to countries within the EU, but outside the Eurozone.

There will be some disappointment over the September export performance. In monthly terms, exports have declined in five of the last six months.

The underlying import performance remains subdued, which suggests that domestic demand within the Eurozone is still relatively subdued.