German import up 0.5 percent, exports down 1.8 percent in AugustChristian Fernsby ▼ | October 11, 2019
German exports decreased 1.8 percent in August, while imports went up 0.5 percent compared with the previous month, according to figures published the Federal Statistical Office (Destatis).
Europe German industry
Topics: German import export
"The decline in German foreign trade underlines the current weakness of the global economy and world trade," said Holger Bingmann, head of the Federation of German Wholesale,Foreign Trade and Services (BGA).
German exports to other members of the European Union (EU) decreased 3.3 percent year-on-year while imports decreased 2.7 percent less year-on-year.
According to Destatis, German goods worth 43.7 billion euros were exported to countries outside the EU while goods worth 37.8 billion euros were imported from these countries. Compared to August 2018, German exports to "third countries" fell 4.8 percent while imports went down 3.6 percent.
Last week, Germany's five leading economic research institutes lowered their joint economic forecast from 0.8 percent GDP growth to only 0.5 percent in 2019.
"The German industry is in a recession," stressed the German economic institutes, which lowered the GDP growth forecast for 2020, from 1.8 percent to 1.1 percent. ■