Carsten Brzeski, chief economist at ING, said trade figures were added to the disgraceful data of Europe's largest economy this week, as German exports declined 0.1% month-on-month from 1.1% May-to-month. .
He said: "This year, exports were hopelessly reduced by 8% and imports rose 0.5% month-on-month compared to -0.5% May to month-on-month. As a result, the country's trade balance in June It reached 18.1 billion euros, from 18.7 billion euros in May. Not adjusted for seasonal and calendar effects, the trade balance shrank to €16.8bn, from €20.6bn in May.”
”Germany's export prospects are clearly in the hands of China and the US. Not only the existing tensions but also the potential tensions between the US and Europe affect the German economy, since the US president has expressed the possibility of tariffs on cars. The devaluation of the yuan is also one of the factors that could affect the German economy through trade struggles. "