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German exports drop in setback to fragile recovery
Order intake plunged 11% in January with metal products down 39%, driven by fewer large-scale orders and export declines to China and the EU, Destatis reported.
- On Tuesday, Destatis reported German exports fell 2.3 percent in January to 130.5 billion euros, amid economic risks.
- Order books showed large-scale contracts dropped in January, with metal products down 39 and other sectors affected, reflecting a sharp fall in order intake, and the biggest monthly decline in two years.
- Imports stood at 109.2 billion euros in January while the trade surplus widened to 21.2 billion euros, and industrial production fell 0.5 percent month-on-month and 1.2 percent year-on-year.
- Trade flows shifted as exports to China fell over 13 percent and shipments to European Union countries dropped nearly five percent, while exports to the United States rebounded nearly 12 percent.
- Amid hopes for a recovery this year, experts warned that an Iran war energy-price shock and $150 oil could significantly impact growth, risking over $130 billion in losses.
27 Articles
27 Articles
German exports fell faster than expected in January, official data showed on Tuesday, the latest sign that the recovery in Europe's struggling top economy remains fragile.
For German exporters, the year has started to go wrong because of the declining demand from China and Europe. However, there is a prospect of improvement in the short term.
Compared to the strong December, German exports fell in January. Exports in one region in particular declined significantly. Despite the political tensions, exports to the US showed a strong increase.
German companies exported fewer goods in January. Imports to Germany are falling even more clearly. In the short term, despite the Iran war, there is a prospect of improvement.
Setback for the export-strong German economy: At the beginning of the year, exports are shrinking significantly, especially to China. And new concerns have been added with the Iran war.
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