ZCZC
BCN-07
GERMANY-ECONOMY-INDICATOR-TRADE
German exports rebound in July
FRANKFURT AM MAIN, Sept 9, 2019 (BSS/AFP) – Exports from Europe’s largest
economy Germany enjoyed an unexpected rebound in July, official data showed
Monday, making for a bright spot in the data amid signs of a looming
recession.
Some 115.2 billion euros ($127 billion) of German goods were sold abroad
in July, up 0.7 percent month-on-month and 3.8 percent year-on-year, federal
statistics authority Destatis said in seasonally-adjusted figures.
Analysts surveyed by Factset had predicted a 0.8 percent month-on-month
fall.
With imports down 1.5 percent month-on-month, at 93.7 billion euros,
Germany’s trade surplus reached 21.4 billion euros — up from 18.1 billion in
June.
A geographical breakdown showed trade both with countries that share the
euro single currency and the wider European Union shrank in July, while
export growth came from business with non-EU nations climbed by 9.8 percent.
After years of booking massive annual trade surpluses, Germany’s export-
oriented economy has made it a target for criticism from international
organisations like the International Monetary Fund and especially US
President Donald Trump.
But an advantage during global upturns has become an Achilles’ heel as
growth ebbs, with Trump’s trade war with China, weakness in emerging markets
and the threat of no-deal Brexit weighing on confidence and activity.
After German GDP shrank in the second quarter, many economists now expect
a “technical” recession — or two successive quarters of negative growth.
BSS/AFP/HR/1300