German exports in July rise despite Brexit, trade conflicts: Destatis

Source: Xinhua| 2019-09-09 23:07:19|Editor: yan
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BERLIN, Sept. 9 (Xinhua) -- German exports increased by 3.8 percent and imports decreased by 0.9 percent in July year-on-year, according to figures published by the Federal Statistical Office (Destatis) on Monday.

"The situation has slightly stabilized in the short term. But the major foreign trade risks, namely the Brexit and the trade conflicts emanating from the USA, continue to exist", Oliver Holtemoeller, vice president of the Halle Institute for Economic Research, told Xinhua.

In July, Germany exported goods worth 115.2 billion euros (127.2 billion U.S. dollars) and imported goods for 93.7 billion euros. Compared to the previous month, exports were up 0.7 percent while imports decreased by 1.5 percent after calendar and seasonal adjustments.

German exports to countries outside the European Union (EU) increased significantly to 51.0 billion euros, while imports were almost unchanged. Compared with July last year, exports to "third countries" increased by 9.8 percent.

The good export numbers would "support the domestic economy, which recently sent weak signals," added Holtemoeller.

At the same time, German exports to EU countries decreased by 0.5 percent to 64.2 billion euros in July. Imports to Germany from EU countries even decreased by 1.6 percent to 52.8 billion euros, according to Destatis.

"The many risks and confrontations in foreign trade and the general economic slowdown remain. This is shown by the import development and the current figures for incoming orders in the industry, too," stressed Holger Bingmann, president of the federation of German wholesale, foreign trade and services (BGA).

"German companies finally need a tax system that makes them more competitive," Bingmann added.

"German exports of goods are once again developing a little more dynamic. However, it remains to be seen whether the more positive trend will continue in the coming months," Juergen Matthes, head of the research unit for international economics and economic outlook at the German Economic Institute, told Xinhua.