German exports fall in June

Germany recorded its biggest monthly drop in exports in nearly two years in June, according to figures released on Tuesday. After witnessing growth for five consecutive months, exports fell by 2.8 percent in June compared to May, according to the Federal Statistical Office. The slump exceeded economists’ projections for a slight decrease and constituted the biggest fall since August 2015. Imports fell even further, by 4.5 percent during the same period, which was the worst figure since January 2009. In total, German firms sold goods worth 107.2 billion euros ($126.58 billion) in June, which still marked a slight increase of 0.7 percent yearon-year. Trade with other Eurozone countries grew by 2.7 percent, further underlining the bloc’s strengthening economic recovery. Exports to countries outside the European Union, such as the United States and China, fell by 1.7 percent.