The German Trade Surplus in October narrowed to 11.6 billion from a revised 17.3 billion that was originally 17.4 billion.

Trade is slowing with the global imbalance and downside pressures on growth as demand is starting to feel the pressure, exports slumped 3.6% after a revised 1.0% gain from the originally reported 0.9% and was worse than the expected 1.3% drop. Imports slumped 1.0% after 0.5% drop revised from 0.8% and was below the expected 0.3% gain.

The narrowing trade surplus also took a bite out of the current account as the surplus also narrowed to 10.3 from a revised 16.0 billion that was reported previously at 15.7 and was as well below expectations at 14.0 billion euros surplus.