The data of the last months as well as of yesterday show that the German industry is really in recession. Incoming orders as well as real sales are clearly declining! But as data published this morning for imports and exports show, these statistics have been jumping for months from good growth to clear declines, then back to growth and back to decline.
Today, the Federal Statistical Office reports a 4.6% increase in exports in September compared with September 2018. In August it was -3.6%, in July +3.8%, in June -8.0%, and in May +4.7%. We really can’t see any trend there. The following graph shows exports compared to imports for the last two years. The gap can always be maintained exactly, so that a strong foreign trade surplus is constantly generated for Germany. In September the figure was +19.2 billion Euros.