Economic news

German exports stagnate in June amid weak demand from abroad

2023.08.03 02:58


© Reuters. FILE PHOTO: Cars intended for export wait at the port for loading, as the spread of the coronavirus disease (COVID-19) continues in Bremerhaven, Germany, April 24, 2020. REUTERS/Fabian Bimmer

BERLIN (Reuters) – German exports stagnated in June, with a smaller than expected rise of 0.1% over the previous month, data from the federal statistics office showed on Thursday.

A Reuters poll had predicted a month-on-month increase of 0.3%.

“Trade is no longer the strong resilient growth driver of the German economy that it used to be, but rather a drag,” said Carsten Brzeski, global head of macroeconomics at ING.

Supply chain frictions, a more fragmented global economy and China increasingly being able to produce goods it previously bought from Germany were all factors weighing on exports in June, Brzeki added.

Imports fell 3.4% on the month, the statistics office data showed.

The foreign trade balance showed a surplus of 18.7 billion euros ($20.45 billion) in June, up from a slightly revised 14.6 billion euros the previous month.

Exports to European Union countries were up 1.3% on the month, while exports to the United States fell by 0.2% and exports to China and Russia were 5.9% and 2.3% lower, respectively, the office said.

“Since the end of the pandemic, global export volumes have been treading water,” said Thomas Gitzel, chief economist at VP Bank Group, adding that the steep drop in exports to China in particular should be seen as a warning sign for the global economy.

Sentiment in the German export industry deteriorated slightly in July, a survey by the Ifo Institute showed last week.

“Demand from abroad is developing rather weakly,” said Klaus Wohlrabe, head of surveys at Ifo. “This is also the result of restrictive monetary policy in the U.S. and Europe, the effects of which are gradually being felt.”

The statistics office publishes more detailed economic data on its website.

($1 = 0.9146 euros)

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 98,745.46 0.63%
ethereum
Ethereum (ETH) $ 3,470.28 4.77%
tether
Tether (USDT) $ 1.00 0.21%
solana
Solana (SOL) $ 262.28 2.45%
bnb
BNB (BNB) $ 673.73 8.09%
xrp
XRP (XRP) $ 1.57 9.01%
dogecoin
Dogecoin (DOGE) $ 0.460797 15.04%
cardano
Cardano (ADA) $ 1.13 24.08%
usd-coin
USDC (USDC) $ 0.999667 0.13%
staked-ether
Lido Staked Ether (STETH) $ 3,466.36 4.60%
tron
TRON (TRX) $ 0.21999 10.40%
avalanche-2
Avalanche (AVAX) $ 42.84 10.39%
shiba-inu
Shiba Inu (SHIB) $ 0.000027 11.13%
the-open-network
Toncoin (TON) $ 6.22 13.60%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,107.13 4.93%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,361.35 0.73%
stellar
Stellar (XLM) $ 0.470971 58.00%
polkadot
Polkadot (DOT) $ 8.35 34.57%
chainlink
Chainlink (LINK) $ 17.59 15.96%
bitcoin-cash
Bitcoin Cash (BCH) $ 535.13 11.05%
sui
Sui (SUI) $ 3.64 3.42%
weth
WETH (WETH) $ 3,465.49 4.68%
pepe
Pepe (PEPE) $ 0.000022 7.35%
leo-token
LEO Token (LEO) $ 8.60 2.46%
near
NEAR Protocol (NEAR) $ 6.45 14.87%
litecoin
Litecoin (LTC) $ 103.23 14.37%
aptos
Aptos (APT) $ 12.99 9.50%
uniswap
Uniswap (UNI) $ 10.82 14.49%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,650.31 4.70%
hedera-hashgraph
Hedera (HBAR) $ 0.152986 16.36%
internet-computer
Internet Computer (ICP) $ 11.60 17.26%
crypto-com-chain
Cronos (CRO) $ 0.197893 6.16%
usds
USDS (USDS) $ 1.00 1.19%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.577478 26.30%
ethereum-classic
Ethereum Classic (ETC) $ 30.48 10.39%
render-token
Render (RENDER) $ 8.06 12.36%
kaspa
Kaspa (KAS) $ 0.161979 9.46%
bittensor
Bittensor (TAO) $ 539.45 9.90%
bonk
Bonk (BONK) $ 0.000051 1.61%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.33%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.42 14.91%
vechain
VeChain (VET) $ 0.043956 35.40%
arbitrum
Arbitrum (ARB) $ 0.866441 8.04%
whitebit
WhiteBIT Coin (WBT) $ 24.67 0.15%
dogwifcoin
dogwifhat (WIF) $ 3.52 11.56%
dai
Dai (DAI) $ 0.999322 0.26%
mantra-dao
MANTRA (OM) $ 3.75 1.54%
cosmos
Cosmos Hub (ATOM) $ 8.34 17.17%
filecoin
Filecoin (FIL) $ 5.31 14.40%
blockstack
Stacks (STX) $ 2.12 12.02%