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(CEP News) Frankfurt - The German trade surplus fell unexpected to €9.7 billion in November from October's €16.4 billion level, the Federal Statistical Office (Destatis) reported on Thursday. Economists had expected no change to the trade balance figure.
According to Destatis, German exports declined to €75.4 billion in November in seasonally adjusted terms, down 10.6% from October's levels. October had observed a decline in exports of 0.6%, revised down from -0.5% initially. Germany also imported less in November, reflected in imports slipping 5.6% to €64.7 billion, Destatis said. November's fall adds to October's 3.7% decline, revised down from an initial estimate of -3.5%. The current account surplus also registered a decline for the month, slipping to €8.6 billion in November from October's €14.3 billion figure, revised down from an iniital estimate of €15.0 billion. Disaggregating the data, the German Bundesbank reported that the balance of payments figure includes a services deficit of €0.4 billion, net factor income of €4.2 billion, current transfers deficit of €3.7 billion and a supplementary trade items deficit of €1.2 billion. The euro is currently trading up 0.07% on the day at $1.3654 USD. Written by CEP News European Staff in Frankfurt,
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