Economists have expressed dismay at a sudden drop in Germany’s exports with deliveries to China crashing by more than 10 per cent in just one month.
According to data published by the federal statistics agency Destatis, Germany’s overall exports fell by 3.6 per cent in May compared to April.
Observers had reportedly only expected a decline of around 1 per cent.
Much of the drop appears to be down to Germany’s falling trade with China, described as down by 10.2 per cent in the month.
The sudden slide left the US as the single-largest destination for German exports, although deliveries to that country also fell, by 2.9 per cent.
Exports to EU Member States slipped by 2.5 per cent, while exports to the UK dropped by 11.7 per cent and to the Russian Federation by almost 20 per cent.
“May was not a happy month for the export industry,” said VP Bank’s chief economist, Thomas Gitzel.
The overall value of imports also fell, with 6.6 per cent fewer goods arriving in Germany in May compared to April.
As usual, China remained the single-largest source of imported goods, with the overall value of such imports rising slightly in May over April.
Imports from the US were also said to be up by 4.6 per cent in the month.
Inward trade from EU Member States fell significantly, with imports dropping by 8.9 per cent compared to April.
Economists reportedly believe Germany’s export industry fell further in June, with a decline of around 1 per cent thought to have occurred.
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