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Germany exports rise, yet still below pre-Covid levels

Germany exports rise, yet still below pre-Covid levels

Exports from Germany climbed in July, reflecting the rebound in trade after the ease in the corona closure measures, yet overseas sales are still far beneath the pre-Covid levels.

Demand on German goods edged up by 4.7 percent in July to €102.3 billion, but it was still 11 percent lower than the same month a year ago.

Imports, on the other hand, surged 1.1 percent from June to €83.1 billion, which is 11.3 percent from a year earlier, thereby widening the trade surplus to €18.0 billion from €14.5 billion.

Data released on Monday showed that China’s exports increased 9.5 percent in dollar terms in August from a year earlier, the biggest rise in 18 months, confirming the pick-up in global demand.

“Compared with the same month last year, exports to the United Kingdom showed a decrease of 12.6% to €5.5bn in July 2020,” Germany’s Destatis revealed.

As of 09:00 GMT, the euro hovered near a two-week high versus the British pound at 0.9011, amid elevating concerns of a no-deal Brexit as UK-EU negotiations start in London.

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