Germany: Merchandise exports decline in June
Merchandise exports fell 3.3% on a seasonally adjusted month-on-month basis in June (May: -3.1% s.a. mom), marking the sharpest decline since December 2023 and surprising markets on the downside. Meanwhile, merchandise imports bounced back, rising 0.3% on an monthly basis in June (May: -5.5% s.a. mom).
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 22.2 billion surplus in June (May 2024: USD 22.9 billion surplus; June 2023: USD 23.0 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 255.1 billion surplus in June, compared to the USD 255.9 billion surplus in May.
ING’s Carsten Brzeski commented:
“With both the US and the Chinese economies losing momentum, along with new trade tensions, there is very little hope for a strong export-driven recovery.”