Germany suffered the glooms of the appreciation euro and wanning global demand as exports in October slumped beyond expectations by 1.1% following a three percent rise the previous month; the drop was much worse than the expected unchanged estimate. The slowing demand on German goods was not the only seen clue for the wanning recovery, where imports also missed expectations rising only 0.3% yet remained well above the previous drop of 1.2% which was revised from -1.5%.

The decline in exports and rise in imports did affect the overall balance as the trade surplus shrunk to 14.2 billion from 16.8 billion and below the expected 15.1 billion. Of course, by default, we also saw the current account surplus narrow to 11.7 billion euros from 14.5 billion revised surplus in September from the reported 14.0 billion.