German Economy Gets Another Growth Warning as Trade Volumes Drop
by Bloomberg Sep 02, 2022
German exports and imports both fell in July as surging prices and the war in Ukraine threaten to send Europe’s largest economy into a recession.
The trade surplus shrank to 5.4 billion euros ($5.4 billion) from 6.2 billion euros in June, as exports dropped by 2.1% and imports by 1.5%, Germany’s statistics office said Friday. Goods sales to the US, the country’s biggest market, fell by almost 14%.
“Trade is no longer a growth driver but has become a drag on German growth,” Carsten Brzeski, an economist at ING, said in a report to clients. “Global supply-chain frictions, geopolitical risks and rising production costs are the obvious drivers behind this new trend.”
While the logistical problems that have plagued manufacturers since the pandemic are showing signs of easing, low water levels in rivers, high energy costs and possible shifts in supply chains and production processes leave a mixed outlook, according to Brzeski.
Bloomberg
© Bloomberg
The author’s opinion are not necessarily the opinions of the American Journal of Transportation (AJOT).
Similar Stories
Afreximbank Africa Trade Report shows Africa can turn geopolitical disruptions into long-term growth opportunity
The report highlights Africa’s continued growth resilience despite significant headwinds occasioned by escalating geopolitical tensions and ensuing economic shifts
View Article
Strait of Hormuz tensions highlight need to put seafarer welfare at the center of contingency planning, says AVS Global Ship Supply
View ArticleFreight forwarders helped make Brexit-era UK–EU trade manageable
As the UK marks ten years since the Brexit referendum, the British International Freight Association (BIFA) is highlighting the vital role played by its members in helping businesses adapt to…
View Article
Thailand launches FastPass program
View Article
The tariff environment changed the FTZ math. Here’s why the numbers finally work
View ArticleCMA CGM PSS - From Northeast Asia to West Africa
In a continued effort to provide customers with reliable and efficient services, CMA CGM informs its customers of the following Peak Season Surcharge (PSS).
View ArticleGet the most up-to-date trending news!
SubscribeIndustry updates and weekly newsletter direct to your inbox!
Follow us on social media:
