Russia is only in twelfth place among the most important destinations for German exports outside the EU. In February, when the war began, Russia was fifth.
(Photo: dpa)
Berlin German exporters started the second half of the year with significant slumps in important business with non-EU countries. Exports to these so-called third countries fell by 7.6 percent in July compared to the previous month, as the Federal Statistical Office announced on Monday.
That was the first decline after three increases in a row. Overall, exports to countries outside the EU – which cover almost half of all German exports – totaled 56.8 billion euros after calendar and seasonal adjustments.
The balance sheet looks better compared to the same month last year. There was export growth of 5.5 percent measured in July 2021. “This increase in value should also be seen against the background of the sharp rise in foreign trade prices,” as the statisticians emphasized. The high energy costs in particular are currently making many goods more expensive worldwide.
The USA remains the most important customer for German exporters. Goods worth 12.5 billion euros were delivered there last month – an increase of 14.9 percent compared to the same month last year.
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Exports to the People’s Republic of China totaled 8.9 billion euros, which corresponds to an increase of 6.1 percent. Exports to Great Britain, on the other hand, shrank by 2.2 percent to 5.7 billion euros.
Russia is losing weight
Meanwhile, Russia is losing weight after Western sanctions as a result of the war against Ukraine. Exports there collapsed in July by 56.0 percent to 1.0 billion euros. This puts Russia in twelfth place among the most important destinations for German exports outside the EU. In February, when the war began, Russia was fifth.
The Association of German Chambers of Industry and Commerce (DIHK) warns of a difficult second half of the year for the domestic export economy. “Supply chain disruptions and high costs for energy, raw materials and imported inputs continue to impede production, including in export-oriented German industry,” said DIHK expert Carolin Herweg recently.
“The economic slowdown in important export partners such as the USA, China or the euro zone is also dampening demand for products ‘made in Germany’.”
More: Read the current developments in the Ukraine war here