Trump's tariffs weaken German exports and industrial production
German goods exports rose by only 0.8% in June compared with May, failing to offset the decline in previous months.
Commerzbank Economic Research
08/07/2025
Sluggish exports can not offset previous declines
Weak figures from German foreign trade: calendar and seasonally adjusted goods exports rose by only 0.8% in June, failing to offset the decline in previous months. Exports to the European Union provided support, rising by 2.4%.
Exports to the US fell in June and are likely to fall further
The weakness in German foreign trade is partly due to trade with the US. Exports to the US fell by 2.1% in June compared with May and were 12% below the average for 2024. This is also remarkable because exports measured in current prices usually rise simply due to inflation.
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