Germany: sharp decline in exports in August

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10/10/2019

Crucial for Germany, foreign trade is all the more watched as the trade climate remains tense and is now suspended to a positive outcome of trade negotiations between China and the United States, which resumed Thursday in Washington (archive) . © KEYSTONE / EPA / FOCKE STRANGMANN
Crucial for Germany, foreign trade is all the more watched as the trade climate remains tense and is now suspended to a positive outcome of trade negotiations between China and the United States, which resumed Thursday in Washington (archive) . © KEYSTONE / EPA / FOCKE STRANGMANN

10/10/2019

Germany recorded a trade surplus of 18.1 billion euros in August, down significantly from 20.2 billion the previous month. The fall reflects the sharp decline in exports, said Thursday the Federal Office of Statistics.

Over a month and seasonally adjusted data, exports fell 1.8% to 101.2 billion euros, while imports rose 0.5% to 85.0 billion euros. The comparison with August 2018 shows a stronger impact of trade tensions, while they had weighed less in July: exports fell 3.9% year-on-year, while imports slid 3.1% %.
The commercial surplus fell further in terms of raw data, favored by Destatis but less indicative of a underlying trend, falling to 16.2 billion euros in August from 21.6 billion in July.
In detail, the European Union absorbed 57.5 billion euros worth of goods from Germany in July, 3.3% less than a year ago, and third countries bought 43.7 billion euros worth of goods. billions of euros, down 4.8% year-on-year.

Climate of tense exchanges

As for imports, they fell both from the European Union (-2.7% to 47.2 billion euros) and third countries (-3.6% to 37.8 billion euros) ).
Crucial for Germany, foreign trade is all the more watched as the trade climate remains tense and is now suspended a positive outcome of trade negotiations between China and the United States, which resumed Thursday in Washington. This conflict has already contributed to a recession in German industry, weighing on the entire economy.
After falling by 0.1% from April to June, the German GDP could contract again in the current summer months, anticipates the German Federal Bank (Bundesbank). This would mean that Germany could end up in a technical recession, posting two consecutive quarters in decline.


ats, awp, afp



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