German exports grow in July, offering some relief to economy

Business

Cars drive on a highway along “The Squaire” building at the airport in Frankfurt, Germany, Tuesday, Sept. 3, 2019. The 660 meter long building is considered to be the biggest office building in Germany. (AP Photo/Michael Probst)

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BERLIN (AP) — German exports grew in July compared with the previous month, a performance that provided some relief for Europe’s biggest economy after poor industrial data.

The Federal Statistical Office said Monday exports rose 0.7% on a calendar- and seasonally adjusted basis, following a 0.1% decline in June. In year-on-year terms, they rose 3.8%. Imports were down 1.5% on the month and 0.9% on the year.

Data released last week showed a sharp drop in factory orders in July and a smaller decline in industrial production. Germany’s economy contracted slightly in the April-June period and is considered likely to shrink again in the third quarter, putting it in a technical recession.

The BGA exporters’ association said trade with Britain is suffering from Brexit worries but business with the U.S. is “very satisfactory.”

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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