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.”