Germany: Merchandise exports rise at stable pace in June
Merchandise exports rose 0.1% in June on a month-on-month calendar and seasonally adjusted basis, matching May’s reading. Meanwhile, merchandise imports contracted 3.4% in June (May: +1.4%).
As a result, the merchandise trade surplus increased from the previous month, coming in at EUR 22.2 billion in June in calendar- and seasonally adjusted terms (May 2023: EUR 14.6 billion; June 2022: EUR 6.4 billion).
Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording an EUR 136.0 billion surplus in June in calendar- and seasonally adjusted terms, compared to the EUR 123.6 billion surplus in May.
Carsten Brzeski, global head of macro at ING commented:
“The collapse of export order books since the start of the year suggests a further weakening of exports in the very near term. The expected slowdown of the US economy (which accounts for roughly 10% of total German exports), still high inflation and high uncertainty will also leave their marks on German exports […]. All in all, today’s export numbers confirm the picture painted by last week’s initial GDP growth estimate: the German economy remains stuck in stagnation.”