Germany Exports Fall For First Time In 4 Months
2022年9月2日 - 12:52PM
RTTF2
Germany's exports dropped for the first time in four months in
July and imports logged an unexpected decline, adding to the list
of negative data suggesting a recession later this year, official
data revealed Friday.
Exports decreased 2.1 percent on a monthly basis, in contrast to
the 4.2 percent increase in June, Destatis reported. This was the
first decrease in four months and slower than economists' forecast
of -2.3 percent.
At the same time, imports unexpectedly fell 1.5 percent,
reversing a 0.1 percent rise in June. Economists had forecast a
monthly growth of 0.8 percent.
As a result, the trade surplus declined to a seasonally adjusted
EUR 5.4 billion from EUR 6.2 billion in the previous month.
However, the surplus was above the expected EUR 4.8 billion.
On a yearly basis, exports growth eased to 10.8 percent from
14.5 percent in June. Meanwhile, the increase in imports improved
to 26.1 percent from 24.8 percent in the previous month.
Exports to EU countries rose 1.0 percent on month, while imports
from those countries fell 1.2 percent. Similarly, shipments to euro
area were up 1.4 percent and imports from the currency bloc slid
2.6 percent.
Exports to Russia declined 15.1 percent in July and imports from
Russia were down 17.4 percent.
Trade is no longer a growth driver but has become a drag on
German growth, Carsten Brzeski, an ING economist said.
Although there is some relief in supply chains and
transportation costs, low water levels, high energy prices and the
possible fundamental change in supply chains and production
processes on the back of geopolitical uncertainty will be clear
obstacles to growth, the economist noted.
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