Latest data released by Destatis - 9 November 2020
- Prior €12.8 billion; revised to €11.9 billion
- Current account balance €26.3 billion vs €19.0 billion expected
- Prior €16.5 billion
- Exports +2.3% vs +2.0% m/m expected
- Prior +2.4%
- Imports -0.1% vs +1.5% m/m expected
- Prior +5.8%; revised to +7.0%
Slight delay in the release by the source. The German trade surplus widened at the end of Q3 with exports rising strongly while imports slumped more than expected.
The bright spot is that exports is holding up but all of this comes before the latest set of virus restrictions in the region, so the Q4 outlook is less optimistic.
Overall, trade conditions are still not quite back at pre-virus levels yet and it will take some time before we see a return to normal in that sense. Although, any setback on the virus situation - like what we are seeing - will only serve to delay that progress.
