Germany: Industrial production in July -2.4% on month
The German crisis is now a given. After the hypothesis of closing a plant Volkswagen in Germany (it would be the first time in the history of the company that produces cars), the news arrives that Industrial production fell by 2.40% in July compared to the previous month when it had recorded a +1.7%The figure is much worse than expected (-0.3%).
Trade surplus in July falls to 16.8 billion
Furthermore, the trade surplus narrowed to 16.8 billion euros in July from 20.4 billion euros in June. A figure much lower than the forecasts that estimated a surplus of 21 billion euros. This is the smallest trade surplus since December 2022, because exports grew less than imports, the Federal Statistical Office reported.
Exports increased by 1.7% compared to the previous month to 130 billion euros, the first increase in three months, rebounding from a 3.4% decline in June. Those to the EU rose by 3.3%, while those to third countries fell by 0.2%, with exports to the United States falling by 1.7%, while those to China and the United Kingdom fell by 8.0% and 2.7% each.
On the contrary, exports to Russia increased by 18.9%. Meanwhile, imports rose 5.4 percent to a three-month high of 113.2 billion euros, following a downwardly revised 0.2 percent increase in June.
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