Germany's industrial output hits lowest since 2020, exports exceed forecasts
Industrial output dropped 1.9% month-on-month, the federal statistics office said, exceeding the 0.5% decline forecast in a Reuters poll of analysts. Production reached its lowest point since May 2020, when the pandemic triggered a sharp contraction, the office added.
A three-month comparison revealed a 1.0% decline in production in the second quarter, marking a return to levels last seen in the first half of 2020.
The statistics office also revised the data for May to a 0.1% drop from the previous month, compared with a provisional figure of a 1.2% increase. The office attributed the revision to corrections from establishments in the automotive sector.
Separately, German industrial orders fell unexpectedly by 1% in June, marking the second consecutive month of decline due to reduced foreign demand, data released on Wednesday showed.
German exports rose 0.8% month-on-month in June, surpassing the 0.5% increase predicted by analysts.
Exports to European Union countries increased by 2.4%, while shipments to non-EU nations fell 1.2%, the statistics office said.
Exports to the United States dropped 2.1% compared with May, marking a third consecutive monthly decline and reaching their lowest value since February 2022.
Germany's export-oriented economy is expected to be badly affected by U.S. tariffs. The U.S. was Germany's biggest trading partner in 2024 with two-way goods trade totaling 253 billion euros.
Germany's foreign trade surplus narrowed to 14.9 billion euros ($17.39 billion) in June, down from 18.5 billion euros in May and 20.3 billion euros in June of 2024.
($1 = 0.8566 euros)
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