German Exports Rise Again, but Industry Stays Stuck

German exports rose unexpectedly in April, a development Deutsche Welle highlighted alongside the day's domestic news. Shipments increased 0.9 percent on the month, against a forecast for a 0.5 percent decline, following a gain in March.

The detail behind the figure is less reassuring. Exports to the United States rose 1.8 percent on the month, but they were down 12.9 percent from a year earlier as American tariffs reshaped the trade relationship. Industrial production, meanwhile, came in below forecasts, leaving the broader picture one of stagnation rather than recovery.

For an export-driven economy, the data illustrates the pressure that Washington's renewed tariff regime places on European manufacturers. Demand outside the United States is strong enough to raise the monthly figures, but the loss of American volume is a structural drag that monthly fluctuations can obscure.

The data comes as European governments consider higher defense spending and confront a security gap left by the United States drawdown, competing demands on a manufacturing base that is not growing.