Exports in May: German export engine is running thanks to EU countries – Handelsblatt

containers in the port of Hamburg

the demand from countries of the European Union holds the German export engine running

(Photo: AP).

Wiesbaden the German exports fell in May due to the weak global economy. They went up 1.8 percent the previous month, said the Federal Statistics Office on Friday. This is the strongest decline since August 2015. This ended a run of three consecutive increases. Reuters poll of economists had predicted a renewed growth of 0.25. “German exports sluggish drag through the year,” said the foreign trade chief of the German Industry and Commerce (DIHK), Volker Treier. “Outside the EU, there is due to international crises and low oil prices hardly growth potential.”

The weak exports signal that Europe’s largest economy is expected to have lost considerably after strong start in the spring momentum – especially in May, the production shrank and factory orders stagnated. “All indicators show a significant slowdown,” said ING economist Carsten Brzeski. DekaBank expert Andreas Scheuerle not exclude that the gross domestic product could be even shrunk in the second quarter.

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The outlook for the second half of the year have clouded the Proposed referendum on United Kingdom membership of the European Union-vote of the British. The DIHK expects for the near future with a sharp decline in exports to the UK. According to a DIHK survey many of the 5,600 companies surveyed are planning with daughters in the UK workforce reductions and a reduction in investment. “In the UK as soon as possible choices to be made to bring back stability to create” demanded the President of the Foreign Trade Association BGA, Anton Boerner. “For the German economy means any delay and additional long negotiation period of uncertainty.”

The UK is for German exporters the third largest market in the world after the United States and France. Last year, goods and commodities were valued at nearly 90 billion euros there. Many managers fear barriers for a EU-bye British

Something better export balance is compared to the same month last year. The company added goods from the value of 97.2 billion euros abroad, which were 1, 6 percent more than in May 2015. exports to EU countries rose while 2.1 percent. Exports to countries outside the European Union – such as the world’s biggest economies US and China – the other hand, increased by only 0.9 percent. Imports grew by 0.1 percent the previous month. Exports exceeded imports calendar- and seasonally adjusted by 22.2 billion euros.