German export conditions continued to strengthen towards Q1 2024 end

At 51 in March, up from 50.7, the headline Hamburg Commercial Bank (HCOB) Germany manufacturing purchasing managers’ index (PMI) export conditions index recorded its highest reading for almost a year, albeit remaining at a level indicative of only modest growth of international economic activity on a trade-weighted basis.

The upturn in export conditions was led by renewed momentum across Asian markets, where growth on a trade-weighted basis accelerated to the quickest since May 2023.

Central to this were faster increases in business activity in China, Japan and India. North America also saw a sustained expansion in economic output during March, but growth there slowed for the first time in four months.

Export conditions across Europe, meanwhile, stabilised at the end of Q1 2024, after having deteriorated in every month since May last year, an S&P Global release noted.

The broad stagnation continued to mask contrasting performances between the region's national economies, with strong growth in the likes of Greece and Spain being offset by ongoing weakness in some of Germany's neighbouring countries, including France and Austria.

Fibre2Fashion News Desk (DS)