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German export growth hit the highest level in over a year in October, following the decline in the past two months.
Source: Destatis
EWG is down 0.67% premarket.
Exports for the month grew by 4.1% in October, marking the strongest jump in over a year even with the ongoing supply constraints in manufacturing. This follows the declines reported in both August and September.
Imports for the month also beat expectations with a 5% jump, following the slightly revised 0.4% growth in September, bringing the trade surplus to a narrower 12.5 billion euros from a revised 12.9 billion euros.
Bankhaus Lampe Chief Economist Alexander Krueger said exports were driven by the catch-up in the automotive sector, but flagged that higher jumps would be unlikely due to uncertainties brought about by COVID-19.
VP Bank Chief Economist Thomas Gitzel said firms will have to address the lack of shortage of materials to be able to address the order backlogs.
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