Germany posted a s.a. trade balance of EUR 13.7 bln in September, unchanged from August, with exports up 0.7% m/m and imports 0.9% m/m, after -0.3% m/m and -2.7% m/m respectively in the previous month. September data mean the accumulated surplus fell to EUR 39.4 bln in Q3 from EUR 49.1 bln in the previous quarter, which points to a negative contribution from net exports to overall growth and supports expectations for a negative GDP number that quarter. The unadjusted surplus amounted to EUR 15.0 bln in September, down from EUR 18.2 bln in September last year and vs EUR 10.6 bln in August. The unadjusted current account amounted to EUR 15.0 bln, down from EUR 17 bln in September last year and versus EUR 7.5 bln in August. Meanwhile, France posted a s.a. September trade deficit of EUR 6.3 bln, down from a deficit of EUR 5.4 bln in the previous month. Exports fell 2.2% m/m and imports were up 0.2% m/m, despite lower energy prices. September data mean France recorded a deficit of around EUR 16.3 bln in Q3, down from a deficit of EUR 13.8 bln in Q2, which points to a negative contribution from net exports to overall growth and supports expectations for a negative GDP growth number that quarter.