HCOB Germany Export Conditions Index

Data Trade

Source: S&P Global
Source Link: https://www.pmi.spglobal.com/
Frequency: Monthly
Next Release(s): October 13th, 2025 4:00 AM

Latest Updates

Germany’s Manufacturing PMI Export Conditions Index rose to 51.5 in August 2025 from 50.7 in July, its strongest level since May 2024, though still only a modest improvement relative to the long-run average.
- Export conditions have now improved for seven consecutive months, supported by stronger private sector output in developed markets.
- North America remained the best-performing region, while Asia saw its fastest expansion since November 2024; Europe improved for the first time in four months but lagged other regions.
- Despite better conditions, Germany’s New Export Orders Index fell to 49.2 from 51.1, signaling the first contraction since March.
- Machinery & Equipment continued to outperform, maintaining robust growth in export orders, while Consumer Non-cyclicals posted their strongest gain since April 2022.
- Chemicals recorded the steepest decline in new export business since January 2024, while Automobiles & Auto Parts saw a marked drop after three months of recovery.
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Germany’s Manufacturing PMI Export Conditions Index rose to 50.7 in July from 50.3 in June, the strongest improvement since March, driven by developed market demand despite global manufacturing weakness.
- The New Export Orders Index eased to 51.1 from 52.0 but still marked the fourth straight month of growth, led by the US and Europe.
- Automobiles & Auto Parts exports surged to 54.8, the fastest pace since August 2021, while Machinery & Equipment remained the top-performing sector at 54.9.
- Consumer Non-cyclicals saw a marginal decline, the slowest since February, while Chemicals contracted at the sharpest rate since February 2024.
- Developed markets outperformed, with North America hitting its highest export conditions level of 2025; emerging markets saw further deterioration.
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Germany’s Manufacturing PMI Export Conditions Index edged down to 50.3 in June from 50.4 in May, remaining in modest expansion territory for the fifth straight month, driven by stronger developed market demand amid persistent emerging market weakness.
- The New Export Orders Index rose to 52.0 in June from 51.0 in May, the fastest pace since February 2022.
- Machinery & Equipment led sectoral gains, with new export orders rising to 54.9, supported by investment and restocking.
- Auto exports rebounded, with the Automobiles & Auto Parts Index rising to 52.1, the highest since December 2021.
- Chemicals exports slipped slightly (49.7), while Consumer Non-cyclicals remained the weakest at 47.6 due to soft EU household demand.
- Despite subdued global demand, German manufacturers continued to outperform peers in Europe, supported by steady growth in North America and Asia.
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Germany’s Manufacturing Export Conditions Index rose to 50.4 in May from 50.2 in April, marking a fourth consecutive month above the neutral threshold and the fastest increase in new export orders since February 2022.
- Developed markets led the improvement with the strongest upturn since August 2024 (index at 51.0), while emerging markets activity weakened (49.2, down from 50.7).
- The New Export Orders Index climbed to 51.0 from 50.3, driven by Machinery & Equipment (55.3), which saw its strongest growth since April 2022 amid US demand and tariff-related stockpiling.
- Chemicals and Auto sectors saw slight increases in new export sales, ending long contraction streaks, while Consumer Non-cyclicals continued to deteriorate.
- Global trade volumes remained weak overall, with Germany, India, and Australia among the few economies posting export order growth.
- Business activity in Europe stagnated, Asia grew at its slowest pace in 2.5 years, and North America returned to growth after a brief dip.
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Germany’s Export Conditions Index fell -0.7 pts to 50.2 in April, signaling near-stagnant global demand despite a short-term boost from tariff-driven pre-shipping activity.
- The New Export Orders Index rose to 50.3 from 48.3, ending a 37-month contraction streak, driven by early US orders ahead of tariff hikes.
- North America was the weakest region globally, with trade-weighted export activity falling below 50 for the first time since Sept 2023.
- Asia showed modest improvement, but growth was the weakest since Oct 2023 amid delayed investments and tariff concerns.
- Europe provided slight support with a second consecutive month of trade-weighted export growth.
- Machinery & Equipment led sector gains (index at 53.7), while Consumer Non-cyclicals became the worst performer; Autos saw the mildest contraction in nearly a year.
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The Germany Export Conditions Index increased 0.6 pts to 50.9 in March, the highest since May 2024.
- The New Export Orders Index declined -0.6 pts to 48.3, but it was still one of the highest readings in the last three years.
- Machinery & Equipment was the only sub-sector to buck the overall downturn in manufacturing export sales in March. At 51.6, up from 47.7 in February.
- Automobiles & Auto Parts (index at 41.0) saw the steepest decline in new export orders of the four sub-sectors monitored in March. The speed of the downturn nonetheless eased to its least marked since June 2023.
- European economic conditions improved in March, with business activity rising on a trade-weighted basis for the first time since May 2024.
- The index measuring export conditions in Asia also remained inside positive territory during March, with output growth easing only slightly since the previous month.
- There was a mixed picture across North America as US trade tariffs led to a marked turnaround in economic performance in both Canada and Mexico.
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HCOB Germany Export Conditions Index: February 2025 2025-03-12 04:00
The Germany Export Conditions Index was a neutral 50.0 in January, unchanged from the December reading.
- Export conditions have now flatlined for much of the past seven months. Germany's manufacturers therefore faced a considerable headwind to sales from subdued underlying global demand at the start of 2025.
- The New Export Orders Index registered 46.5 in January, up from 43.7 in December and the highest reading for eight months.
- Worries about the impact of US trade tensions meanwhile contributed to the steepest fall in new export orders in the Machinery & Equipment sector since February 2024.
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The Germany PMI Export Conditions Index edged down to 50.0 in December from 50.1 in November. Export conditions in North America jumped to the highest since April 2022. In Asia, there continued to be an expansion at 51.6, but this was the weakest since September. European export conditions were in decline for the 7th month in a row.

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