Setback for the German Foreign Trade: Exports fell in July by ten percent to a value of 96.4 billion euros, the Federal Statistics Office reported in Wiesbaden on Friday. The value of the imports thus decreased by 6.5 percent to 76.9 billion euros. "The unusually high number of crises left their mark," said the Foreign Trade Association. This leads to "enormous uncertainty" and lack of investment.
According to statisticians, exports sank to countries outside the European Union, therefore possibly to China and the USA. But exports to countries outside the euro zone, including for example the UK also decreased.
According to the Federal Statistics Office, goods worth 40.1 billion euros were exported to third countries outside the European Union in July - a drop of 13.8 percent. The imports from those countries decreased by 10.1 percent to 25.6 billion euros.
Thus goods were exported to the value of 56.3 billion euros, seven percent less than in July 2015. In EU Member States, imports from these countries went down according to the statisticians by 4.5 percent to 51.3 billion euros.
Foreign trade had started the second half "with a crash landing," said the President of the Federation Wholesale, Foreign Trade and Services, Anton Börner. Already in the first half, exports were shrunk to the US by 4.5 percent, to Asia by 0.3 percent. "New impetus" was therefore necessary Börner warned in regard to the free trade agreement between the EU and Canada and the US, Ceta and TTIP.
"The month of July was clearly not a good month for Germany," said the chief economist of ING Diba, Carsten Brzeski. Either because industry had knocked off early for a long summer break or the Brexit vote as well as the weakness of the main export partners, Germany had further left the track.
In the first half, German exports had grown slightly. From January to June goods were delivered abroad, worth 603.2 billion euros , 1.4 percent more than the same period last year. Imports increased minimally by 0.2 percent to 472.4 billion euros.
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