In August, German exports dropped -3.9% yoy to EUR 101.2B while exports dropped -3.1% yoy to EUR 85.0B. Trade surplus came in at EUR 16.0B. In calendar and seasonally adjusted terms, exports dropped -1.8% mom while imports rose 0.5% mom. Trade surplus narrowed to EUR 18.1B.
The slump in export is seen as another evidence of impact from trade wars, which continued to drag on the economy. Continued weakness in manufacturing and exports point to another quarter of GDP contraction, following Q2’s -0.1% qoq. German economy was likely in recession already.
