Carsten Brzeski, Chief Economist at ING, points that in September, German exports dropped by 0.8% month-on-month from a slightly upwardly revised 0.1% in August.
“German exports have now dropped in four out of the last six months. At the same time, imports decreased by 0.4% MoM, which narrowed the trade balance to â‚¬17.6 billion from â‚¬18.2 billion.”
“Today’s trade data ends a disappointing week for German industry. Available monthly data suggests that the economy had its worst quarterly performance in 3Q since the beginning of 2015.”