BERLIN: German exports and industrial output both unexpectedly fell in July, in a fresh sign that manufacturers in Europe’s largest economy are suffering from US President Donald Trump’s protectionist trade policies.
The Federal Statistics Office said on Friday that seasonally adjusted exports fell by 0.9 per cent on the month, while imports surged by 2.8 per cent — the strongest rise in almost four years and a record total volume of 94.5 billion euros.
A Reuters poll had pointed to a rise of 0.2 per cent in both.
Trump has triggered trade disputes with China, Europe and many others regions by imposing steep tariffs on a broad range of products in his pledge to protect American jobs against what he calls unfair trade practices.
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 per cent, confounding the Reuters forecast for a 0.2 per cent rise.
The ministry said industrial output would likely regain momentum soon after a muted start to the third quarter, which was depressed by “temporary bottlenecks in passenger car registrations under the new driving cycle”. — Reuters
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