ISTANBUL

Germany’s foreign trade surplus narrowed sharply to €13.1 billion ($15.26 billion) in November, down from €17.2 billion in October, according to data released Friday by the Federal Statistical Office (Destatis).

The figure came in well below market expectations of a €16.3 billion surplus.

On an annual basis, exports from Europe’s largest economy declined 0.8% to €128.1 billion in November, while imports rose 5.4% to €115.1 billion.

Month-on-month, exports fell 2.5% in November, while imports increased 0.8%.

Germany’s exports to fellow EU member states totaled €73.1 billion during the month, while imports from these countries amounted to €58.7 billion.

Exports to non-EU countries stood at €55.1 billion, while imports from outside the bloc reached €56.3 billion in November.

The US remained Germany’s largest export destination, although shipments fell 4.2% on a monthly basis to €10.8 billion. On a yearly basis, exports to the US plunged 22.9%.

Exports to China rose 3.4% month-on-month to €6.5 billion, while shipments to the UK declined 8.1% to €6 billion.

On the import side, Germany purchased the most goods from China, with imports totaling €14.9 billion in November, up 8% from October. The US ranked second, with imports rising 7.9% month-on-month to €7.7 billion.