German exports rise again despite slowdown fears

German exports rise again despite slowdown fears

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FRANKFURT: German exports increased for the third month in a row, data published Wednesday showed, despite fears that Europe’s largest economy could soon pitch into recession.

Germany exported 134.3 billion euros ($136.8 billion) worth of goods in June, 4.5 percent more than in May, according to seasonally adjusted figures from the federal statistics agency Destatis.

The closely watched indicator was 18.4 percent higher than in June last year.

Germany’s trade balance remained positive at 6.4 billion euros, with the total value of goods imported in June sitting at 127.9 billion euros.

Exports to EU countries were rose by 3.9 percent from May, while those to other countries rose by 5.3 percent.

Exports to Russia increased by 14.5 percent between May and June, albeit from a relatively low base.

The export figure for June was 40.3 percent below its level in 2021 with trade collapsing after Western countries slapped tariffs on Russia for its invasion of Ukraine in February.

Despite the overall improvement, businesses have reported pessimism about the outlook for the Germany’s export-driven economy.

A survey published by the German Ifo Institute last week showed their export expectations had dropped.

The darkening business climate also suggested that Germany was “on the cusp of a recession”, said think-tank president Clemens Fuest.

The German economy stagnated between April and June, registering growth of zero percent, according to official figures published last week.

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