BUSINESS German exports a bit lower in June, add to economic clouds

BUSINESS

German exports a bit lower in June, add to economic clouds

AP

16:54, August 09, 2019

German exports were a little lower in June than the previous month and dropped 8% in year-on-year terms, reinforcing expectations that data due next week may show Europe's biggest economy shrank slightly in the second quarter.

VCG31448262973.jpg

Bremerhaven, Germany (Photo: VCG)

The Federal Statistical Office said Friday that exports were 0.1% lower than in May in seasonally adjusted terms, following a steep 3.2% drop in April and a partial 1.3% recovery in May. Imports rose 0.5% on the month. The monthly export and import data were both in line with economists' expectations.

Second-quarter gross domestic product figures are due Aug. 14. Germany's economy is believed to have turned in a feeble performance in the April-June period after returning to growth in the winter, a forecast bolstered by recent data. Economists at UniCredit bank predict a 0.1% decline in GDP compared with the previous quarter.

Foreign trade, traditionally a mainstay of the German economy, faces uncertainty caused by ongoing issues between the U.S. and Europe and the prospect of Britain's exit from the European Union.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue