German exports, industrial production rose in March
May 8 (Reuters) - German exports rose more than expected in March as U.S. demand increased in anticipation of U.S. tariffs and a gain in industrial production also beat expectations, potentially pointing to an improvement in the sluggish sector.
German exports were up 1.1% in March over the previous month, data from the federal statistics office showed on Thursday. That surpassed a forecast 1.0% increase in a Reuters poll.
Imports were down by 1.4% on a calendar and seasonally adjusted basis compared with February.
The German trade balance showed a surplus of 21.1 billion euros ($23.9 billion) in March, up from 18.0 billion euros in February.
The far-reaching tariffs announced by the U.S. will deal a major blow to German industry. The U.S. was Germany's biggest trading partner in 2024, with 253 billion euros worth of goods exchanged between them.
German industrial production rose in March by 3% compared with the previous month, the federal statistics office said on Thursday. Analysts polled by Reuters had predicted a 0.8% rise.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
an hour ago
- The Independent
Ministers to unveil 10-year plan to overhaul UK's ‘crumbling' infrastructure
Ministers are to unveil their plan to overhaul infrastructure over the next decade as Rachel Reeves said the country's schools and hospitals have been 'left to crumble'. The Treasury has promised hundreds of billions over the next decade for projects such as roads, railways and homes. According to the Treasury, the document will lay out Government plans on prioritised policy areas such as upgrading transport networks, building new homes, modernising public services such as hospitals, and assisting the transition to green energy. Ministers are pledging that at least £725 billion will be spent on infrastructure over the next 10 years. Ms Reeves said: 'The British people voted for change – and this is how we deliver it. For too long, our infrastructure – our schools and hospitals, or our roads and bridges – have been left to crumble, holding back communities and stunting economic growth. 'This was a dereliction of duty by previous governments overseeing an era of managed decline, but it ends with this one. 'We are investing in Britain's future, brick by brick, road by road and track by track. 'The strategy will rebuild people's pride in their homes, while growing the economy and putting more money in people's pockets as we deliver our Plan for Change.' The Chancellor outlined a raft of infrastructure investment as part of last week's spending review. According to Wednesday's announcement, there will be £39 billion over the next 10 years to build affordable and social housing, and spending is due to reach £4 billion a year in 2029/30. There was also a £30 billion commitment to nuclear power, including £14.2 billion to build the Sizewell C plant in Suffolk and £2.5 billion in small modular reactors, as well as £15 billion for public transport projects in England's city regions and a four-year settlement for Transport for London worth £2.2 billion. Shadow chancellor Sir Mel Stride said that the Chancellor is 'desperately trying to paper over the damage she's done to the public finances'. Sir Mel added: 'With inflation up, growth down, and unemployment rising, the economy is heading in one direction and that is backwards.'
South Wales Argus
2 hours ago
- South Wales Argus
Vishay Intertechnology joins Wales Tech Week 2025 partners
Vishay Intertechnology, a US-based firm with operations in Newport, has been announced as a gold partner for the event, which will take place at the International Convention Centre (ICC) Wales from November 24 to 26. The company, which employs 23,000 people worldwide, manufactures semiconductors in multiple countries and acquired its Newport site—now the UK's largest semiconductor manufacturing facility—in March 2024. Avril Lewis, managing director of Technology Connected, organisers of Wales Tech Week, said: "Compound semiconductors play a vital role in the world around us and we're delighted that a world-leading company such as Vishay Intertechnology has partnered with Wales Tech Week to help showcase some of the cutting-edge work that they do, in what is such an important industry. "Their recently announced investment shows the confidence that they have in the manufacturing potential of Wales, and it's great to see the South Wales semiconductor cluster continuing to grow and attract international interest and recognition." Vishay recently announced a £250 million investment in the Newport facility to expand production of silicon carbide semiconductors. These advanced components are crucial to electric vehicle (EV) technology. The company says they enable faster battery charging, more efficient energy delivery to motors, and longer driving ranges for EVs. The investment is expected to directly support more than 500 high-value jobs in Wales and create further opportunities throughout the supply chain. Roy Shoshani, executive vice president and chief operating officer – semiconductors and chief technical officer at Vishay Intertechnology, said: "When Vishay acquired Newport Wafer Fab last year, we wanted to take advantage of the global growth opportunity in compound semiconductors. "We knew we would benefit from Wales's track record in innovation, its highly skilled and committed workforce, and the spirit of collaboration within the South Wales Compound Semiconductor Cluster. "As gold sponsors of Wales Tech Week 2025, we're excited to showcase Wales's expertise in semiconductors on the world stage." Vishay is also working with further and higher education providers to promote careers in the semiconductor industry.
South Wales Argus
2 hours ago
- South Wales Argus
Starmer hints at revival of UK-Canada trade talks ahead of G7 summit
The Prime Minister said the world's 'changing' economy means Britain must aim to reduce barriers with other allies as he flew to Ottawa for the first visit by a UK leader to the country in eight years. Negotiations between Britain and Canada on a post-Brexit trade agreement were halted last year under the previous Tory administration amid disputes over beef and cheese. The Government has reached economic deals with India, the US and the EU in recent months and is looking to pursue further deals with other allies to mitigate the threat of US President Donald Trump's tariffs. Sir Keir will be walking a diplomatic tightrope between strengthening bilateral relations with Ottawa and keeping the US president, who has expressed desires to annex the country as a '51st state', on side. Asked about the prospect of a trade agreement with Canada, the Prime Minister told reporters travelling with him to Ottawa on Saturday: 'I want to increase our trade with Canada and I will be discussing how we do so with Mark Carney. 'I have known Mark a long time, we are allies and colleagues and I have a very good relationship with him. We do a lot of trade with Canada as it is. 'Some months ago I said the world is changing on trade and the economy, just as it is changing on defence and security and I think that means we need to be more securing our base at home and turbo-charging what we are doing on the cost of living and at the same time reducing trade barriers with other countries. 'I've been expressing that in my discussions with Mark Carney and he is in the same position.' The Prime Minister said the interests of British citizens would be at the heart of his conversations with all international leaders as he prepares for a week of diplomacy at the G7 summit. The UK and Canada have a trade relationship worth £28 billion to the British economy and are both members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Donald Trump has expressed a desire for Canada to become the '51st state' of the US (Niall Carson/PA) Sir Keir will fly from Ottawa to Kananaskis in the Canadian mountains for talks with counterparts from the world's leading economies. Spiralling conflict in the Middle East and the war in Ukraine will be top of the agenda in the talks between the UK, Canada, the US, France, Italy, Japan and Germany. Ukrainian President Volodymyr Zelensky is also expected to attend. Number 10 said the Prime Minister would use the trip to urge 'restraint and de-escalation' after Iran launched retaliatory strikes on Israel overnight. 'In these dangerous times, I am determined to forge a unique path to secure and renew Britain in an era of global instability,' he said. Sir Keir is also expected to meet Mr Trump, with whom he said he is in the 'final stages' of completing an agreed-upon US-UK trade deal, at the G7 summit. The Prime Minister told reporters on Saturday he had a 'good relationship' with the US president and 'that's important'. 'I've been saying, for probably the best part of six months now, we're in a new era of defence and security, a new era for trade and the economy,' he said. 'And I think it's really important for Britain to play a leading part in that, and that's what I'll be doing at the G7, talking to all of our partners in a constructive way. 'And I'm very pleased that I have developed good relations with all the G7 leaders to the point where… I have a very good relations with all of them.' Mr Carney has previously criticised the UK Government's invitation for Mr Trump to make a second state visit, telling Sky News earlier this year that Canadians were 'not impressed' by the gesture. In his strongest defence yet of the nation, Sir Keir said on Saturday he was 'absolutely clear' that Canada was an 'independent, sovereign country' and 'quite right too'. 'I'm not going to get into the precise conversations I've had, but let me be absolutely clear: Canada is an independent, sovereign country and a much-valued member of the Commonwealth,' he said.
