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BCN-12
GERMANY-ECONOMY-INDICATOR-TRADE
Weak February trade data joins series of German woes
BERLIN, April 8, 2019 (BSS/AFP) – Official figures showed Monday that
Germany’s imports and exports fell in February, aligning with a string of
weak economic data readings from the first quarter.
Imports fell 1.6 percent month-on-month, to 92.3 billion euros ($103.6
billion), while exports dropped less quickly, shedding 1.3 percent to 110.9
billion, federal statistics authority Destatis said in figures adjusted for
seasonal and calendar effects.
But there was a crumb of comfort for Europe’s powerhouse economy as the
faster slide in imports meant its trade surplus climbed by 200 million euros,
reaching 18.7 billion euros.
The trade surplus is a closely-watched indicator for Germany’s economy,
which is more exposed to foreign trade than many comparable countries.
Global commerce has slipped back in recent months, weighing on the
country’s industrial performance.
Trade has been undermined by a slew of factors, including slow progress in
US talks with China and Beijing’s economic slowdown, White House threats of
car tariffs against the EU, the risk of a no-deal Brexit and weakness in
emerging markets.
“There simply seem to be too many crises in global trade for the German
export sector to defy them all,” commented economist Carsten Brzeski of ING
bank.
Nevertheless, a falling euro exchange rate, resurgent global trade and US
President Donald Trump’s repeated promises of an imminent deal with Beijing
should mean “some improvement is in the offing,” he added.
BSS/AFP/HR/1335