Foreign trade surplus in Germany narrows to USD18.3 billion in September
Date
11/7/2024 8:35:27 AM
(MENAFN) Germany’s foreign trade surplus narrowed to €17 billion (USD18.3 billion) in September, according to official data released on Thursday. This decrease marks a reduction from €21.4 billion in August and €18.6 billion in September 2023, as reported by Destatis. The data reveals a slight decline in exports, which dropped by 0.2 percent year-on-year to €128.2 billion, while imports increased by 1.3 percent to €111.3 billion during the same period. On a monthly basis, exports fell by 1.7 percent, and imports rose by 2.1 percent.
The decrease in Germany’s trade surplus was also influenced by trade with countries outside the European Union. Exports to non-EU countries totaled €58.8 billion in September, while imports from these countries reached €53.5 billion. In terms of specific destinations, the United States remained the largest recipient of German exports, with shipments valued at €14.2 billion, reflecting a 4.8 percent increase from August. However, exports to China and the United Kingdom both declined, by 3.7 percent to €7.1 billion and 4.9 percent to €6.4 billion, respectively.
Germany's primary source of imports was China, which accounted for €14.1 billion, a 5.6 percent month-on-month increase. The shift in Germany’s trade dynamics underscores changing patterns in global demand and supply, with fluctuations in exports to key markets like China and the UK contributing to the overall trade performance. Despite these challenges, Germany's strong export presence, particularly in the US, highlights the resilience of its economy.
The data further reflects ongoing shifts in the global trade landscape, driven by geopolitical and economic factors, which continue to shape the patterns of German foreign trade. As global supply chains adjust, Germany’s trade relationships with major international partners, especially outside the EU, will likely remain a focal point for policymakers and businesses alike.
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