German exports hit record, factories rebound as RWE exits US wind projects

Germany posted a record-high export level in June and saw industrial production rise for a third month, while energy firm RWE settled with the US and abandoned offshore wind plans.

German exporters shipped goods worth €139.3 billion in June, setting a new record and leaving the country with a €15.4 billion trade surplus; the United States remained the top market despite a sharp decline from May, while shipments to the United Kingdom rose and to China stayed steady. Industrial production rose for the third consecutive month, with a 0.2 % increase in June and a notable 3.6 % rise in automotive output, prompting economists to suggest the manufacturing downturn may be ending.

Energy giant RWE settled with the US Interior Department for $1.22 billion, relinquishing offshore wind lease rights in New York, California and Louisiana and redirecting capital to liquefied natural gas projects. The company cited the lack of realistic permit prospects for the US projects. Meanwhile, a major fire near Augsburg destroyed a pig barn, killing over 1,000 animals. Overall, the data points to a cautiously optimistic outlook for Germany’s economy, though challenges such as energy supply, geopolitical tensions and low river levels persist.