German exports drop as European demand sags

AP News
Posted: Nov 08, 2012 5:48 AM

BERLIN (AP) — The Federal Statistical Office says German exports dropped more than expected in September amid lower demand from the country's euro partners, many of which are mired in recession.

September exports were down a monthly 2.5 percent at €91.7 billion ($117 billion), when adjusted for seasonal and calendar factors. Economists had predicted a 1.5 percent decline.

The decline more than wiped out the 2.3 percent increase reported in August.

Imports fell alongside exports, dropping 1.6 percent to €74.9 billion

As a result, Germany still has a healthy trade surplus.

Compared to September 2011 exports fell 3.4 percent while imports dropped 3.6 percent.