German exports hit highest value in October

German exports in October hit their highest value ever reached in a single month, with a year-on-year rise of 0.6% to EUR99.1 billion, according to figures released by the statistics office Monday. Month-on-month exports in October rose a seasonally adjusted 0.2% compared to September, the third straight rise in a row. The results beat the forecast of analysts, who had expected a drop of 0.5%, according to the (DPA) news agency. Cars and car parts led exports, followed by machinery. Together they equated to more than 30% of total exports. Due to the strong showing the same period in 2012, October imports saw a 1.6% drop. Month-on-month, however, imports rose 0.6%, the highest rise of the year. Germans domestic demand primarily benefited Europe's crisis-hit countries. "Crisis countries that have to implement reforms quickly have been helped by strong German imports to grow through exports and gradually to leave the crisis behind them," said Berenberg Bank economist Christian Schulz. Although German exports to the eurozone in October slipped slightly year-on-year by 0.1% to EUR36.6 billion, imports grew by 3.4% to the same EUR36.6 billion. "The upswing in Germany has increasingly positive effects on the member states in the euro area," Economist Stefan Kipar of BayernLB, which anticipates that German foreign trade will grow in 2014, despite this year's third quarter stagnation. Germany's Bundesbank central bank also sees German exports rising in 2014 thanks to brightening economic conditions in industrial countries and emerging improvements in the euro area. The previous record was posted in March 2012, when German companies exported EUR98.7 billion worth of goods and services.