Berlin: German exports to countries outside the European Union (EU) continued to fall in June, declining by 2.6 per cent month-on-month to 58 billion euros (63.2 billion US dollars), according to the country’s Federal Statistical Office (Destatis) on Monday.
Compared with a year ago, the decrease in June reached 4.5 per cent, Destatis reported. Exports to Germany’s most important trading partners, including the United States and China, recorded sharp declines of 6.2 per cent and 9.9 percent year-on-year, respectively.
These figures reflect a recent survey among businesses conducted by the IFO Institute for Economic Research, which indicated that sentiment in the German export industry deteriorated slightly in June, with expectations turning negative once again.
“No clear direction is currently emerging,” said IFO expert Klaus Wohlrabe, adding that the country’s export economy still needs significant improvement, Xinhua news agency reported.
Dirk Jandura, president of the Federation of German Wholesale, Foreign Trade and Services (BGA), remarked earlier this month that the weakness of German foreign trade is “largely home-made.” He urged Germany to take a leading role in promoting free trade, warning that without such action, “nothing will happen here in the future.”
Jandura also cautioned against the European Commission’s tariffs on electric cars imported from China, saying that these measures are not in Germany’s or Europe’s interests. “We must accept international competition rather than isolate ourselves from it,” he added.
–IANS
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