Overview

• Exports to the United States fell to €11.1 billion in July, down 7.9% from June and 14.1% year over year, the weakest level since December 2021, according to official data.
• Overall German exports declined 0.6% on the month to €130.2 billion, while shipments to the European Union rose 2.5% to €74.8 billion.
• Germany’s industrial production rose 1.3% in July, led by machinery, autos and pharma, and the previously reported June drop was revised to a marginal 0.1% decline.
• US trade measures now include a 15% tariff on most EU goods from August 7 and 50% duties on steel and aluminium introduced in June, which business groups say are weighing on orders.
• Exporter sentiment has deteriorated, and foreign orders weakened, while separate Chinese data showed a roughly 33% year‑on‑year plunge in August shipments to the U.S., highlighting broader trade headwinds.