German exports decline for the first time in 15 months By Arab Trader

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© Reuters. German exports decline for the first time in 15 months

Arabictrader.com – It fell in August for the first time in 15 months, falling unexpectedly as supply chain problems plaguing the global economy continued to affect Europe’s largest economy.

Seasonally-adjusted exports from Germany’s largest economy fell on a monthly basis to 113 billion euros, or $130 billion, down 1.2%, compared to a 0.5% increase economists had expected. On Friday, the statistics office said imports jumped 3.5 percent to 100.1 billion euros, nearly double the growth rate forecast.

It is reported that German industrial orders fell more than expected in August, due to weak demand from abroad after two months of unusually strong gains due to major contracts. The shortage of intermediate goods such as semiconductors and some raw materials has hampered many sectors, especially Germany’s vital automobile industry.

Compared to the previous year, when the global economy was mired in the economic crisis caused by the Corona virus pandemic, trade witnessed a strong recovery, with exports to the United States increasing by 22.4% and exports to China by 4.4%.

The German Chambers of Commerce recently raised its export forecast for 2021, predicting that German companies will sell 8% more abroad in 2021.

The headline figures mask significant regional differences as exports to Britain, which has been outside the EU’s single market since January, fell 15.1% from a year ago, while imports from there fell 7.9%. Trade with EU countries and third countries grew strongly on an annual basis.

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