Allemagne Balance Commerciale

Germany's trade surplus widened to EUR 19.7 billion in November 2024 from EUR 13.4 billion in October, surpassing forecasts of EUR 14.8 billion, marking the largest trade surplus since August. Exports grew 2.1% month-on-month to EUR 127.3 billion, above forecasts of 2% growth, rebounding from an upwardly revised 2.9% drop in October. Sales to third countries rose by 6.9%, boosted by higher sales to the US (14.5%), Russia (21.0%), and the UK (7.2%), but declining to China (-4.2%). By contrast, sales to the EU shrank by 1.7%. Meanwhile, imports unexpectedly fell 3.3% to a five-month low of EUR 107.6 billion, following an upwardly revised 0.3% fall in October, missing expectations of 0.7% growth. Purchases from third countries declined by 2.1%, with notable falls from China (-3.1%), the US (-3.7%), the UK (-4.7%), and Russia (-24.1%). Imports from the EU also slipped by 4.4%. For the first eleven months of 2024, the country posted a surplus of EUR 220 billion.