New orders for German industry increased by 27.6% in June from May — the largest monthly increase in 30 years; also, exports increased by 11.1% from May’s level. Reason for optimism that Germany is about to leave the crisis behind? Not really, because exports to the depression-struck trade partners in the Western sphere are still considerably down: exports to the U.S., -21% in June against June 2019; to the U.K., -16%. But exports to China are improving; they were -3% in June against the same month in 2019.
Industrial output saw an increase by 14.9% in June from the May level, but it is still way down against 2019: the entire first half-year saw it down by 13.4%. And the spectacular increase of output by more than 54% which made June a record month for the automobile sector, has to be seen against the zero level when it shut down during weeks. Germany is not at all out of the crisis.
