Germany: Exports fall 6.3% in December, twice the estimate

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The German statistics agency, Destatis, has published the export and import data for December, showing falls above expectations in both cases.

The exports fell 6.3% in Decemberworsening the decline from the 3.3% forecast and +0.1% in November (figure revised up from -0.3%).

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The imports plummeted 6.1% versus the expected 0.8% drop. The previous month, the indicator fell 3.2%, recording four consecutive months of declines.

Finally, the trade balance has reduced its surplus to 10B euros from 10.9B, improving the estimated 9.2B.

EUR/USD reaction

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EUR/USD has retraced just over 10 pips after the data, falling to around 1.1000. Earlier, at the Asian open, the pair hit fresh 10-month highs at 1.1033.

Source: Fx Street

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