- Prior +1.8%; revised to +2.0%
At the same time, we also have German trade balance data for November out as per below:
- Trade balance €13.1 billion vs €16.5 billion expected
- Prior €16.9 billion
That’s a solid beat for German industrial output, largely owing to a positive development to growth in the automotive industry (+7.8%). Increases in mechanical engineering (+3.2%) and in machine maintenance and assembly (+10.5%) also had a positive impact on the overall result. Conversely, the decline in energy production (-7.8%) had a negative effect.
If excluding energy, industrial production was even stronger as it rose by 2.1% on the month. That as the production of capital goods rose by 4.9%. Meanwhile, the production of intermediate goods (-0.8%) and consumer goods (-0.3%) both exhibited declines during the month.
As for declining trade surplus in November, that comes as exports were down 2.5% while imports were up 0.8% on the month after accounting for seasonal adjustments. Exports to the Eurozone countries amounted to €50.8 billion, which was down 3.9% in November.
In terms of foreign trade, most German exports in November went to the US once again. That totaled to €10.8 billion and down 4.2% compared to October. Meanwhile, exports to China grew by 3.4% on the month to €6.5 billion.
