German exports rise again despite fears of slowdown

German exports rose for the third month in a row, data showed on Wednesday, despite fears that Europe’s biggest economy could soon slide into recession.

Germany exported 134.3 billion euros ($136.8 billion) worth of goods in June, 4.5% more than in May, according to seasonally adjusted figures from the federal agency Destatis statistics.

The closely watched indicator was 18.4% higher than in June last year.

Germany’s trade balance remained positive at 6.4 billion euros, with the total value of imported goods in June amounting to 127.9 billion euros.

Exports to EU countries increased by 3.9% compared to May, while those to other countries increased by 5.3%.

Exports to Russia increased by 14.5% between May and June, but from a relatively low base.

The export figure for June was 40.3% below its 2021 level as trade slumped after Western countries imposed tariffs on Russia for its invasion of Ukraine in February.

Despite the overall improvement, businesses expressed pessimism about the outlook for Germany’s export-driven economy.

A survey released last week by Germany’s Ifo Institute showed that their export expectations had plummeted.

The darkening business climate also suggested that Germany was “on the brink of a recession”, think tank chairman Clemens Fuest said.

Germany’s economy stagnated between April and June, recording zero percent growth, according to official figures released last week.

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