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German exports record sharpest drop in 3 yrs

German exports record sharpest drop in 3 yrs

Mubasher: German exports recorded their sharpest annual drop in three years last June, adding signs of a downturn in the manufacturing sector amid escalating global trade disputes.

Germany’s outbound shipments plunged by 8% year-on-year in June to EUR 106.1 billion ($128.9 billion), the steepest fall observed since July 2016, while imports dropped by an annual 4% to EUR 89.3 billion, the Federal Statistical Office (Destatis) said.

This sent the German trade surplus to EUR 16.8 billion, versus EUR 22 billion a year ago.

On a monthly basis, exports declined by 0.1% in June, while imports went up by 0.5%.

Given its reliance on exports, Germany was the most vulnerable among Western European economies which endured a broad sluggish growth amid a slowing global economy coupled with trade tussles and uncertainty about the Brexit.

By 2:18 pm GMT, the EUR/USD pair rose by 0.13% to $1.1194.