US business weakens: setback for German exports in August

The German export industry suffered a setback in August. At 137.6 billion euros, the value of the goods was 0.8 percent lower than in the previous month after calendar and season adjustments, as the Federal Statistical Office announced based on preliminary figures. Imports, on the other hand, rose by 0.9 percent and were worth 118.1 billion euros.

This results in a declining foreign trade surplus for the German economy of 19.5 billion euros after 21.6 billion euros in July. Compared to the same month last year, exports increased nominally by 6.2 percent and imports by 5.5 percent.

The United States remained the most important individual market, even though deliveries there fell by 6.3 percent month-on-month. Over the course of the year, the statistics show a slight increase in exports of 1.1 percent. German companies exported 1.1 percent less to countries outside the European Union than in July.

The gap in foreign trade with China is opening

Exports to China increased by 4.7 percent in August, but at the same time imports from the People's Republic rose even more significantly. In the first eight months, exports to China fell by 12.9 percent. Imports from there, however, climbed by 10.1 percent.

Just the day before, the foreign trade association BGA had slightly raised its forecast for German exports for the current year, but at the same time warned that business in the USA and China would continue to be difficult. According to the calculations, the export volume is expected to increase by 1.0 percent to 1,580 billion euros in the current year. The association had previously assumed export growth of just 0.6 percent.