German exports increase for fourth consecutive month amid pressure from the Iranian conflict

BẠCH DƯƠNG |

German exports increased beyond forecast, marking the fourth consecutive month of growth, although the economy is still facing many challenges.

According to AFP, German exports unexpectedly increased in May, recording the fourth consecutive month of growth.

Preliminary data from the German Federal Statistical Office (Destatis) shows that the country's export turnover increased by 0.9% compared to the previous month, reaching 137.9 billion euros (equivalent to 158 billion USD), thanks to increased demand in two major markets, the US and China.

Previously, experts participating in a survey by FactSet financial data company predicted that Germany's exports would decrease by 1%.

This is the latest sign reflecting that the German economy - which has faced many difficulties for a long time, is responding well to the fluctuations caused by the US, Israel - Iran conflict.

Data released earlier this week also showed that industrial production and German orders both increased in May.

Speaking before Parliament on July 9, German Chancellor Friedrich Merz assessed the new figures as encouraging signals for the country's economy, even when some sectors are still facing a deep crisis.

Trade data released on the same day showed that the US continues to be Germany's largest export market, with a turnover of 14.1 billion euros, up 23.1% compared to the previous month. Exports to China also increased by 7.1%, reaching 6.2 billion euros.

In the opposite direction, exports to European Union (EU) member countries decreased by 1.1%, while imports from countries in the bloc also decreased by 2.5%.

Germany's total import turnover in May decreased by 2.5%, to 118.8 billion euros, thereby bringing the country's trade surplus to 19.1 billion euros.

However, the US-Iran conflict has weakened the strong recovery prospects of the German economy this year, with the government forecasting a growth of 0.5%.

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