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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
GERMAN DATA
Germany's trade surplus was larger than expected in October at E17.8bln, versus E17.0bln consensus and E16.7 prior (upwardly revised from E16.5bln).
- The uptick in the trade surplus came from a faster drop in imports (-1.2% M/M) than exports (-0.2%). However, both declines were lower in magnitude than in October (exports -2.5% M/M, imports -1.9%).
- Weakness was centred around trade with the rest of the EU, with both exports to and imports from the bloc declining vs September, -2.7% and -2.8% respectively. Non-EU trade strengthened slightly but could not make up for the EU decline (non-EU exports +2.9% M/M, imports +0.8% M/M). Imports from the Russian Federation picked up (+6.6% M/M) but are still down -90% cumulatively for 2023 YTD Y/Y.
- The trade data strengthens the view that international demand for German goods is still softening but slower than before; the November manufacturing PMI saw new orders declining at the slowest rate since 6 months.
- German factory orders data for October will be released on Wednesday (+0.2% M/M cons), with October industrial production out on Thursday (0.0% cons).
Destatis
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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