German exports, imports decline 4.4 percent yr/yr in June
(MENAFN) German exports and imports experienced a decline on a year-on-year basis in June, as reported by the federal statistical bureau, Destatis, on Wednesday. The total value of the country's exports stood at €127.7 billion (USD139.5 billion), reflecting a 4.4 percent decrease compared to the same month last year. Imports, on the other hand, amounted to €107.3 billion, marking a 6.4 percent fall. Despite these declines, Germany maintained a foreign trade surplus of €20.4 billion in June, indicating a continued strength in its export sector relative to imports.
Trade with other European Union (EU) member states comprised a significant portion of Germany’s foreign trade. Exports to these countries totaled €69.7 billion, while imports were valued at €56.3 billion. This intra-EU trade demonstrates the strong economic interdependence within the bloc, as well as Germany's pivotal role in the European market. Meanwhile, exports to non-EU countries reached €57.9 billion, and imports from these nations totaled €51 billion, underscoring Germany’s extensive trade relationships beyond the EU.
The trade data also highlighted a significant reduction in trade with Russia, reflecting ongoing geopolitical tensions and economic sanctions. Exports to Russia in June were valued at €600 million, which is a 3.2 percent decrease from May 2024. More starkly, when compared to June 2023, exports to Russia plummeted by 22.2 percent, continuing a downward trend that has been exacerbated by the conflict in Ukraine. Similarly, imports from Russia declined by 1.5 percent to €200 million from May, and saw a dramatic 44.8 percent drop compared to the previous year, illustrating the profound impact of the war on bilateral trade.
Overall, the decline in German exports and imports in June indicates broader economic challenges, including disrupted supply chains and fluctuating demand in key markets. The substantial decrease in trade with Russia further highlights the economic repercussions of geopolitical conflicts on international trade dynamics. Despite these challenges, Germany's substantial trade surplus points to the enduring strength of its export-oriented economy.
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