Independent Strategy

Tags: Exports

Germany

POST » 5th September, 2019 » July Germany Factory Orders

Although there was a slight upward revision to the June numbers, there isn’t much to cheer in the German July factor orders report.  Orders fell a further 2.7% m/m.  That takes the current decline to -11.2% from its peak.

Deterioration continues to run at pace, with some rebound in domestic demand failing to offset continuing weakness on the export side.  The release points to a further deterioration in exports in the coming months, although the decline in industrial production is running more closely, suggesting that a further downward adjustment/slump is not needed there.

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