Exports in Germany fell more than expected according to today's data released by the Federal Statistics Office.

The data for the month of November showed a 3.4% drop compared to consensus expectations of a 0.5% downturn. This after October's surprise 0.2% increase.

The Bundesbank already noted last month that weaker demand from the Eurozone was hurting the German economy. Exports to the euro area account for roughly 15% of German GDP.

The country's Economy Minister Philipp Rösler said yesterday that the German economy grew by 0.75% in 2012, although the first official figure will not come out until January 15th.

In other government data published today, Germany also saw imports drop by 3.7% in November when market consensus expected a 0.4% rise. The trade deficit rose to €2.637bn, from the prior €2.443bn when it was forecast to drop to €2.3bn.

JM

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