German Exports Recover In June
(RTTNews) - Germany's exports grew for the first time in three months in June despite falling shipments to the US, data from Destatis revealed Thursday.
Exports advanced 0.8 percent on a monthly basis in June, reversing a fall of 1.4 percent in May. Shipments were expected to rise 0.5 percent.
Reflecting the impact of higher tariff, exports to the United States dropped 2.1 percent on a monthly basis to EUR 11.8 billion. This was the third consecutive decrease and marked the lowest value since February 2022.
Overall German imports climbed 4.2 percent, in contrast to the 3.9 percent decrease in the previous month. The rate also far exceeded the forecast of 1.0 percent.
As the growth in imports outpaced exports growth, the trade surplus fell to a seasonally adjusted EUR 14.9 billion from EUR 18.5 billion in May. The surplus was seen at EUR 17.5 billion.
Imports from the US surged 19.8 percent to EUR 8.8 billion, the highest since June 2022.
German exports to EU countries rose 2.4 percent and imports from these countries increased 3.5 percent. At the same time, exports to China and the UK rose 1.1 percent and 0.4 percent, respectively. Imports from China advanced 5.8 percent, while that from the UK dropped 5.5 percent.
On a yearly basis, overall exports gained 0.1 percent after rising 2.9 percent in May. Imports grew at a steady pace of 5.9 percent.
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