German exports unexpectedly fell in November as a stronger euroo and higher oil prices hit demand. Retail sales also fell.
According to provisional results by the Federal Statistical Office (Destatis), Germany exported commodities to the value of 87.8 billion and imported commodities to the value of 68.5 billion in November 2007. German exports of November 2007 were hence 3.2% and imports 2.3% higher than in November 2006. Upon calendar and seasonal adjustment, exports decreased by 0.5% and imports decreased by 3.0% on October 2007.
The foreign trade balance showed a surplus of 19.3 billion in November 2007. In November 2006, the current account of the balance of payments showed a surplus of 18.1 billion. Upon calendar and seasonal adjustment, the foreign trade balance recorded a surplus of 19.8 billion in November 2007.
According to provisional results by the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of 20.0 billion in November 2007, which included the balance of services ( 0.6 billion), factor income net (+ 3.7 billion), current transfers ( 1.7 billion) and supplementary trade items ( 0.7 billion). In November 2006, the German current account showed a surplus of 14.9 billion.
In November 2007, Germany dispatched commodities to the value of 56.6 billion to the Member States of the European Union, while it received commodities to the value of 44.6 billion from those countries. Compared with November 2006, dispatches to and arrivals from EU-countries increased by 9.5% and by 4.1%, respectively. Commodities to the value of 37.2 billion were dispatched to the Eurozone countries (+8.4%) in November 2007, while the value of commodities received from those countries was 30.6 billion (+1.9%). Commodities to the value of 19.3 billion (+11.8%) were dispatched to EU countries not belonging to the Eurozone in November 2007, while the value of commodities which arrived from those countries was 14.0 billion (+9.2%).
Germany exported commodities to the value of 31.2 billion to and imported commodities to the value of 23.9 billion from countries outside the European Union (third countries). Compared with November 2006, exports to third countries were down 6.6% and imports from those countries by 0.8%.
Retail Sales Fall
Destatis also reported that the 2007 nominal retail turnover in Germany is expected to be between 0.7% and 1.0% smaller than in 2006. In real terms, turnover is expected to have seen a decline between 1.5% and 1.8%. The comparison with the previous year has to take into account both purchases planned for 2007 which, however, were made already in 2006 and the effects of the VAT increase starting in January 2007. As regards the long-term comparison, nominal turnover in 2007 is expected to have approximately reached its 2005 level, while turnover in real terms was supposedly lower.
Compared with the corresponding period of the previous year, retail turnover in the first eleven months 2007, was in nominal terms 0.8% and in real terms 1.7% smaller than that in the first eleven months of 2006.
In November 2007, turnover in retail trade in Germany was in nominal terms 1.0% and in real terms 3.2% smaller than that of the corresponding month of the previous year. The number of days open for sale was 26 in November 2007 and 26 in November 2006, too.
When adjusted for calendar and seasonal variations, the November turnover was in nominal terms 0.6% and in real terms 1.3% smaller than that of the preceding month.