German Exports Fell in July Amid US Protectionist Trade Policy
German manufacturers continue to suffer from US President Donald Trump's protectionist trade policies. German exports and industrial output both unexpectedly fell in July. The Federal Statistics Office reported, that exports fell by 0.9% on month in July, reversing June's 0.1% rise. This was the first fall in three months. The indicator was expected to climb 0.3%. On a yearly basis, exports advanced 7.6%.
Meanwhile, imports surged by 2.8% (the strongest rise in almost four years) and a record total volume of 94.5 billion euros. On a yearly basis, imports climbed 12% in July. Germany's seasonally adjusted trade surplus narrowed to 15.8 billion euros ($18.39 billion) from 19.3 billion in June.
Separate data from the Economy Ministry showed industrial output dropped by 1.1%, confounding the forecast for a 0.2% rise. German industrial orders fell by 0.9% in July after a revised 3.9% drop in the previous month.