Overview

• Shipments to the United States dropped 7.9% from June to €11.1 billion, marking a fourth consecutive monthly decline, though the U.S. remained Germany’s top market.
• Exports to China fell 7.3% on the month, adding to broad weakness outside the European Union.
• Overall exports contracted 0.6% in July, underperforming analysts’ expectations for flat growth in a FactSet survey.
• Germany posted a trade surplus of €14.7 billion as imports edged down 0.1% to €115.4 billion.
• Industrial production rose 1.3% in July with gains in factory equipment, autos and pharmaceuticals, and ING’s Carsten Brzeski cautioned that any rebound remains uncertain.