German industrial production and trade data provide euro support ahead of US NFP figures

The eurozone’s economic calendar was busier this morning. German industrial production and trade data were the center of attention before the European opening. Later this morning, Eurozone inflation and retail sales figures will also attract attention ahead of non-farm wages in the United States.

German industrial production

In November, industrial production fell 0.2% month-on-month, against an expected increase of 1.0%. Production rose 2.4% in October.

According to Destatis,

  • Production in industry excl. energy and construction are up 0.2%.
  • Within industry, production of intermediate goods and consumer goods increased by 0.8% each.
  • The production of capital goods fell 0.6%, however, penalized by a 3.6% drop in the production of machinery and equipment. Production of motor vehicles, trailers and semi-trailers increased 4.1%.
  • Excluding industry, energy production was down 4.4%, with construction production falling 0.8%.
  • Year on year, industrial production fell by 2.4%.

German trade balance

In November, Germany’s trade surplus fell from 12.4 billion euros to 10.9 billion euros. Economists had expected a widening to 12.8 billion euros.

According to Destatis,

  • On a monthly basis, exports rose 1.7%, while imports jumped 3.3% to € 125.7.
  • Year on year, exports increased 12.1%, while imports increased 19.3% to 113.7 billion euros.

Trade with EU countries:

  • Germany exported goods worth € 67.9 billion to EU member states, while importing goods worth € 60.4 billion.
  • Compared with November 2020, exports increased by 14.0% and imports by 16.3%.
  • To euro-zone countries, exports increased by 14.4% and imports by 20.9%.

Trade with non-EU countries:

  • Exports to third countries increased by 10.0% compared to November 2020.
  • Imports increased by 22.8%.

Trade with other selected countries:

  • Exports to China fell 4.2% from November 2020, while exports to the United States increased 14.7%.

Market impact

Prior to today’s stats, the EUR had fallen to a pre-stat and current low of $ 1.12901 before climbing back to a pre-stat high of $ 1.13034.

In response to today’s stats, the EUR fell to a post-stat low of $ 1.12982 before climbing back to a current and post-stat high of $ 1.13062.

At the time of writing, the euro was up 0.03% to $ 1.13016.


Later this morning, French consumer spending and eurozone inflation and retail sales will be the center of attention. In the United States, the non-farm payroll will be the key statistic of the day, however.

James R. Rhodes