Germany’s July export data wasn’t quite what the market was expecting today, falling 1.5% vs. June despite the consensus forecast was that they would show no month-over-month change according to Bloomberg.
There’s also reason to believe August export data, when released, will indicate a slow-down as well. That’s because Germany’s manufacturing activity cooled in August, thus exports could have as well. Perhaps there’s less of a tailwind given the euro has stopped dropping like a stone on the slightest bad Eurozone news. (It’s at $1.269 now, but still well above the $1.20 levels we saw earlier this year)
Still, on a year-over-year basis, exports were still up 18.7% vs. July of 2009. You can see a breakdown of the data below, via Destatis.de. Non-European exports are growing fastest, but it’s notable how exports to other European nations remain robust.
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