Germany: exports down

  Exports from Germany, the most industrialized country in Europe,... recorded a decline in July compared to the previous month. According to AAA, the announcement of the Federal Statistical Office, German exports in August decreased by 0.9% compared to June. In the same period, German imports increased by 15% to a value of 114.5 billion euros. According to a German economist, due to the widespread economic crisis, Germany has once again earned the title of "sick man of Europe".

According to the CNBC website, Hans-Werner Sinn, the retired head of the Institute for Economic Research (Ifo), said: Germany has once again become the 'sick man of Europe' and the challenges it faces are especially in terms of energy strategy, it can benefit far-right popular parties. The moniker of the sick man of Europe has resurfaced in recent weeks as manufacturing continues to suffer in the euro zone's largest economy and the country grapples with high energy prices. It should be noted that this title was first proposed to describe Berlin's economy in 1998, when the country was managing costly economic challenges following the reunification of East and West Germany. Sin further admitted: The current economic situation is not a short-term phenomenon and is related to the automotive industry, which is considered the industrial heartland of Germany.

Data from Germany's Federal Statistical Office shows that cars were the country's top export product last year, accounting for 15.6 percent of the value of goods sold abroad. Previously, for the first time in May 2022, Germany reported its foreign trade deficit of one billion euros. Indeed, this country went from a trade surplus to more imports in a short period of time. Since then, according to the Federal Statistical Office, Germany has returned to a trade surplus of 18.9 billion euros in June 2023, while underperforming in the export sector.