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German exports are rising surprisingly strong

2019-11-08T08:37:49.638Z


The foreign trade, which is important for the German economy, has become somewhat overwhelmed after heavy collapses. In September, it recorded the strongest growth in nearly two years.



Trade conflicts, a weak global economy and the Brexit chaos had caused exports from Germany to plummet recently. Now, German foreign trade has recorded the strongest growth in nearly two years.

In September, their exports increased by 1.5 percent to the previous month, as the Federal Statistical Office announced. There was a stronger increase in November 2017. Economists had expected only a plus of 0.4 percent, after it had given in August a minus of revised 0.9 (previously: minus 1.8) percent. Imports increased this time by 1.3 percent, the second month in a row.

Foreign trade remains weak for the full year

Compared to September 2018, exports increased by 4.6 percent to 114.2 billion euros. Growth was generated above all by business with the EU member states, which grew at an above-average rate of 5.6 percent. By contrast, exports outside the EU - which includes the world's two largest economies, the US and China - only increased by 3.2 percent.

The recovery in German export figures fits in with the somewhat more optimistic economic news. While the industry is in recession, a macroeconomic downturn could be mitigated by foreign trade.

After the first nine months of the year, however, the exporters spoiled with success only had a comparatively meager plus of 0.9 percent or € 997.1 billion.

The German Chamber of Commerce and Industry (DIHK) expects a mini-growth of only 0.3 percent for this year. In 2020, exports are even expected to shrink by 0.5 percent. In normal times, according to the DIHK, Germany is achieving an average export growth of 5.5 percent.

Source: spiegel

All business articles on 2019-11-08

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