After the first Corona-the shock of the German exports pick up now since about 30 years. They rose in June to 14.9 percent month-on-month, as the Federal Statistical office announced on Friday. Economists had expected only with a Plus of 13 percent.
Because of the pandemic-related recession in many of its major trading partners, exports remained significantly below the previous year’s level. The company delivered Goods to the value of 96.1 billion euros abroad and, thus, 9.4 percent less than in June 2019. Also the production in the industry climbed sharply. “The glass is definitely more than half full,” said LBBW Economist Jens-Oliver Niklasch.
Positive signals from the industry
imports rose month-on-month to 7.0 percent, but remained with 80.0 billion Euro to ten percent also strongly behind the year-on-year. The entire economy is in 2020, in front of a deep recession. The EU Commission predicts for Germany a decline in the gross domestic product of 6.3 percent, the worst decline in the postwar period. The exports are shrinking, according to the German chamber of Commerce and industry tags because of the Virus-pandemic 2020 to 15 percent.
While exports to China rose in June year on year by 15.4 percent, the decline in exports in the of the Corona-pandemic particularly affected United States to almost 21 percent. The UK exports fell by almost 16 percent.
In the industry, however, there were again positive signs. The companies established in June, according to statistics, 11.1 percent more than in the previous month. The entire production – so industry, construction and energy utilities together – climbed by 8.9 percent, or slightly more than experts, with 8.1% expected.
“We are now in the Manufacturing sector is still about 12 percent below the pre-crisis level”, – said LBBW professional Niklasch. “Should have caught the industry in just two months the whole of the Corona break-up? To believe that, given the mood is not easy.”
hb/bea (rtr,afp)
*The contribution of “German exports will rise since 1990” is published by Deutsche Welle. Contact with the executives here.
Deutsche Welle
