Germany's exports fell in June
Germany's exports fell for the second consecutive month in June. Compared to May, exports decreased by 3.4 percent, as reported by the Federal Statistical Office in Wiesbaden on Wednesday. "Weak global demand and inadequate domestic competitiveness continue to grip German foreign trade," explained Dirk Jandura, president of the Association of German Chambers of Commerce and Industry (DIHK).
In June, the value of exports reached 127.7 billion euros. German companies shipped goods worth 69.7 billion euros to EU member states, a decrease of 3.4 percent from May. Exports to non-EU countries amounted to 57.9 billion euros, a decrease of 3.5 percent from May. Exports to third countries thus reached their lowest level in half a year, as emphasized by Lola Machleid, an expert on foreign trade at DIHK.
The most goods made in Germany were exported to the USA in June, with a value of 12.9 billion euros, a decrease of 7.7 percent from May. Exports to China, however, increased by 3.4 percent to 7.9 billion euros.
China remained the largest source of imports to Germany in June, but the value of imported goods decreased by 4.9 percent compared to the previous month, to 12.3 billion euros. Overall, Germany imported goods worth 107.3 billion euros, an increase of 0.3 percent from May.
Chinese customs published figures on foreign trade for July. According to these figures, China's exports increased by 7.0 percent year-on-year in July, marking the fourth consecutive increase. Imports to China also increased, by 7.2 percent year-on-year. In June, imports had still decreased.
Despite the decrease in exports to non-EU countries, Germany still managed to export a significant amount to the USA, amounting to 12.9 billion euros in June. The value of imports from China, formerly the largest source of imports for Germany, decreased by 4.9% in June compared to the previous month.
