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Yahoo
08-07-2025
- Business
- Yahoo
German exports drop as US shipments decline ahead of tariff deadline
German exports dropped more than expected in May, declining 1.4% month-on-month, from -1.6% in April. The year-on-year rise came to 0.4% in May, the federal statistics office confirmed on Tuesday. Imports, meanwhile, dropped 3.8%, and increased 4.2% year-on-year. This brought Germany's trade balance to €18.4 billion, from €15.7bn in April. The data shows a significant decline in shipments to the US after tariff frontloading boosted month-on-month export rises to 1.8% in February and 1.3% in March. Despite this decrease, the US remains the most important destination for German products. Negotiating as part of the EU, Germany is seeking to avoid a threatened 50% tariff on its goods sent to the US by negotiating a trade framework with the Trump administration before a deadline set for 1 August. Earlier this year, when President Donald Trump announced his so-called 'reciprocal' tariffs, the EU was originally hit with a 20% tariff rate. The White House subsequently paused duties for 90 days following market turmoil, a temporary reprieve set to expire on 9 July. The administration then pushed this date back, allowing more time for last-minute negotiations. It now appears that the EU will accept a 10% baseline tariff on its US exports, although the bloc is looking for carve-outs that will lower the burden on key sectors. Separate from the so-called 'retaliatory' tariffs, the EU is also facing a 25% duty on automobiles and car parts sent to the US, as well as a 50% tariff on steel and aluminum exports. Brussels is seeking to soften these blows by securing a more advantageous trade framework. German auto exports to the US fell by 13% in April and 25% in May compared to the same months a year earlier, the VDA industry association said last week. Even without the added complication of tariffs, the German economy has been struggling these past few years, reeling from Europe's energy price spike, low productivity and a lack of infrastructure investment. Over the last two years, GDP growth has fallen into negative territory, and the head of the Deutsche Bundesbank, Joachim Nagel, has warned that new duties could put the country on track for another contraction this year. 'More generally speaking, with the hard macro data in for the first two months of the second quarter, the German economy looks set for yet another stagnation or even small contraction,' Carsten Brzesk, Global Head of Macro for ING Research, said on Tuesday. 'While retail sales and construction activity were down compared with the first quarter, the small uptick in industrial production is not enough to offset the expected drag from trade.' Related German business sentiment rises: Ifo sees sixth consecutive lift Germany's 'whatever it takes' moment: Fiscal bazooka ignites market rally In May, industrial production in Germany increased by 1.2% month-on-month after a 1.6% drop in April, according to data released by the federal statistics office on Monday. Retail sales in Germany dropped by 1.6% month-over-month in May. Despite challenges facing the country, Berlin's promise to boost spending on defence and infrastructure has cheered investors. The government recently approved a constitutional amendment to its 'debt brake' rule, meaning defence spending above 1% of GDP will not be subject to borrowing limits. Chancellor Friedrich Merz wants to boost military spending to 3.5% of gross domestic product by 2029. The government has also created a €500 billion extrabudgetary fund for additional infrastructure spending, set to give businesses an added boost. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
18-06-2025
- Business
- Reuters
German home building permits up in April for second month of gains
June 18 (Reuters) - Building permits for apartments in Germany were up 4.9% in April on the previous year, the second consecutive month of gains in residential construction planning amid a tentative recovery in the wider economy. Federal statistics office data showed on Wednesday that 18,500 building permits were granted for new apartments in April, up 900 from a year prior. The gain in March, opens new tab was 5.8%, or 1100 permits. During the January-to-April period, permits were up 3.7% compared with a year earlier. Germany's property sector is tentatively recovering from its most severe slump in decades that began in 2022. Permits are an important indicator of near-term construction activity. The German economy is expected to grow this year following two consecutive years of contraction, four economic institutes said on Thursday, raising their forecasts for 2025 and 2026.
Reuters
13-06-2025
- Business
- Reuters
Germany records fewer insolvencies for first time in over two years
BERLIN, June 13 (Reuters) - The number of regular insolvencies in Germany fell by 0.7% year-on-year in May, its first decrease in more than two years, Federal Statistics Office data showed on Friday. "This was the first year-on-year decline in this leading indicator since March 2023," said the office, without giving an explanation for the fall. The monthly preliminary figure is based on insolvency announcements from all local courts in Germany. The office also reported final first-quarter figures on Friday, which showed corporate insolvencies rose by 13.1% as a lack of orders, high costs and global uncertainty cause businesses to struggle. Germany's DIHK chambers of commerce and industry association said that figure marked the highest number of such insolvencies in the first quarter in 11 years and should be seen as a warning sign. "A lack of orders and sluggish demand on the one hand, high costs for energy, labour and bureaucracy on the other: All of this is causing many businesses to struggle," DIHK said, commenting on the latest numbers. "Added to this is considerable uncertainty as a result of U.S. customs and trade policy," it said, referring to an array of tariffs announced by President Donald Trump's administration. Local courts estimate creditors' claims from the 5,891 corporate insolvencies in the first quarter at around 19.9 billion euros ($22.99 billion), compared with around 11.3 billion euros a year earlier. The number of consumer insolvencies also rose between January and March, growing by 6.3% to 18,573, said the office. ($1 = 0.8655 euros)
Yahoo
10-06-2025
- Politics
- Yahoo
Germany granted citizenship to a record number of people in 2024, led by Syrians
BERLIN (Reuters) -Germany granted citizenship to a record 291,955 people last year, a 46% increase from 2023, with Syrians making up the largest group, according to data released by the Federal Statistics Office on Tuesday. Reforms in the citizenship law contributed to the jump, the office said. Last June Germany reduced its residency requirement for naturalization from eight years to five and even three in special cases. Many Syrians who arrived as refugees during 2015 and 2016 when former Chancellor Angela Merkel opened Germany's borders to hundreds of thousands fleeing war and persecution in the Middle East became eligible for naturalization during 2024. As a result, they made up the largest group of new citizens, accounting for 28% of all naturalisations, or 83,150 people, a 10.1% increase. They were followed by Turks, Iraqis, Russians, and Afghans, who represented 8%, 5%, 4%, and 3% of the total, respectively. Russians saw the largest percentage increase in naturalisations, with the number rising to 12,980 in 2024 from 1,995 the previous year. The number of Turks taking German citizenship more than doubled to 22,525. The new citizenship law also allows individuals to retain their original citizenship while acquiring German nationality, enabling tens of thousands of Turkish citizens — many of whom, or whose ancestors, came to Germany as guest workers in the 1960s and 1970s — to become naturalized. However, Germany's new coalition government of the conservatives and Social Democrats plans to roll back some of these measures and reinstate a minimum waiting period of five years for citizenship. The conservatives have said citizenship should come at the end of a period of integration, not "jump-start" it, and fear shorter wait times to become a German citizen may drive increased migration and public resentment.
Straits Times
10-06-2025
- Politics
- Straits Times
Germany granted citizenship to a record number of people in 2024, led by Syrians
FILE PHOTO: People walk at the promenade by the river Rhine with the skyline in the background including the Rheinturm in Duesseldorf, Germany, May 13, 2024. Picture taken with long exposure. REUTERS/Jana Rodenbusch/ File Photo BERLIN - Germany granted citizenship to a record 291,955 people last year, a 46% increase from 2023, with Syrians making up the largest group, according to data released by the Federal Statistics Office on Tuesday. Reforms in the citizenship law contributed to the jump, the office said. Last June Germany reduced its residency requirement for naturalization from eight years to five and even three in special cases. Many Syrians who arrived as refugees during 2015 and 2016 when former Chancellor Angela Merkel opened Germany's borders to hundreds of thousands fleeing war and persecution in the Middle East became eligible for naturalization during 2024. As a result, they made up the largest group of new citizens, accounting for 28% of all naturalisations, or 83,150 people, a 10.1% increase. They were followed by Turks, Iraqis, Russians, and Afghans, who represented 8%, 5%, 4%, and 3% of the total, respectively. Russians saw the largest percentage increase in naturalisations, with the number rising to 12,980 in 2024 from 1,995 the previous year. The number of Turks taking German citizenship more than doubled to 22,525. The new citizenship law also allows individuals to retain their original citizenship while acquiring German nationality, enabling tens of thousands of Turkish citizens — many of whom, or whose ancestors, came to Germany as guest workers in the 1960s and 1970s — to become naturalized. However, Germany's new coalition government of the conservatives and Social Democrats plans to roll back some of these measures and reinstate a minimum waiting period of five years for citizenship. The conservatives have said citizenship should come at the end of a period of integration, not "jump-start" it, and fear shorter wait times to become a German citizen may drive increased migration and public resentment. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
