Decrease in German exports directed towards non-European Union nations observed
Non-EU countries received fewer German exports in September. According to the Federal Statistical Office's preliminary data released on Wednesday, goods worth 57.2 billion euros were shipped out. Compared to August, this is a decrease of 4.7%, and when compared to the same month the previous year, it's a decrease of 1.3%. The United States was the top market for these exports, with 13.4 billion euros worth of goods shipped, an annual increase of 1.1%.
Exports to China, on the other hand, decreased by 9.6% compared to the previous year, amounting to 6.9 billion euros. Exports to the UK saw a slight increase of 0.3%, totaling 6.4 billion euros.
Russian exports also saw an increase, but it was a modest one of 4.1% year-over-year, reaching 0.6 billion euros. This placed Russia 19th in the list of top non-EU export destinations. Back in February 2022, before the Ukraine attack, Russia was fifth on this list. Due to the ensuing sanctions, trade with Russia has been significantly impacted.
In the context of the released data, non-EU countries, excluding Russia, saw a decrease in German exports in September. Despite this, exports to Russia experienced a modest increase, showing a contrast in their export trends.
