The foreign trade balance showed a surplus of €15.9 billion in July 2023, down from €18.7 billion in June but markedly up from €4.2 billion in July last year, according to provisional data from the Federal Statistical Office (Destatis).

Trade within the European Union (EU) was relatively stable. Germany exported goods worth €71.9 billion to EU member states, a slight 0.5 per cent increase from June, and imported €61.7 billion, up 2.9 per cent. Exports to countries outside the EU declined by 2.5 per cent, totalling €58.5 billion, and imports from these countries also fell marginally by 0.2 per cent to €52.8 billion.

The US led the destination list for German exports, witnessing a 5.2 per cent increase to €13.5 billion. Exports to China and the UK rose 1.2 per cent to €8.3 billion and fell 3.5 per cent to €6.3 billion, respectively.

On the import front, China was the primary source with €13.2 billion, albeit down 5.8 per cent from June. Imports from the US increased by 6.1 per cent to €7.9 billion, while those from the UK decreased 3.2 per cent to €3.0 billion.

Trade with Russia also saw notable changes. Exports in July 2023 increased 2.2 per cent to €0.7 billion compared to June but fell sharply by 31.3 per cent compared to July 2022, likely due to the ongoing crisis in Ukraine. Imports from Russia plummeted by 15.7 per cent to €0.2 billion compared to June and were down 91.8 per cent YoY.

Fibre2Fashion News Desk (NB)