Germany's foreign trade surplus reaches $154.29 bn in H1 2024

Germany's foreign trade balance showed a surplus of €138.8 billion (approximately $154.29 billion) in the first half (H1) of 2024, despite a decrease in both exports and imports, according to the Federal Statistical Office (Destatis). This surplus represents a 28.7 per cent increase compared to the first half of 2023, when the trade surplus stood at €107.9 billion.

German exports decreased by 1.6 per cent to €801.7 billion year-on-year in the first half of 2024. In contrast, imports into Germany saw a more significant drop, decreasing by 6.2 per cent compared with the first half of 2023, with goods worth a total of €662.8 billion imported in the first six months of 2024, as per Destatis.

In June 2024, German exports were down 3.4 per cent on a calendar and seasonally adjusted basis compared with May 2024. Imports, however, saw a slight increase of 0.3 per cent over the same period. When comparing June 2024 to June 2023, exports fell by 4.4 per cent, while imports dropped by 6.4 per cent.

Provisional data showed that after calendar and seasonal adjustment, Germany exported goods worth €127.7 billion and imported goods valued at €107.3 billion in June 2024. The foreign trade balance for the month showed a surplus of €20.4 billion. This is a slight decrease from the calendar and seasonally adjusted surplus of €25.3 billion recorded in May 2024, but higher than the €19 billion surplus registered in June 2023.

Trade with the European Union (EU) remains a significant portion of Germany’s foreign trade. On a calendar and seasonally adjusted basis, Germany exported goods worth €69.7 billion to EU Member States in June 2024, while imports from these countries totalled €56.3 billion.

Exports to countries outside the EU (third countries) amounted to €57.9 billion in June 2024, with imports from these countries reaching €51 billion, based on calendar and seasonally adjusted figures.

Fibre2Fashion News Desk (DP)