German economy exports less to the USA and China
Published: Monday, Sep 23rd 2024, 11:30
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Weaker demand from important trading partners is putting pressure on German export business with countries outside the EU. In August, exports to the USA fell by 3.2 percent to 12.6 billion euros compared to the same month last year, according to preliminary results from the Federal Statistical Office in Wiesbaden. Exports to China even shrank by 15.2 percent to 7 billion euros.
Overall, fewer goods were also exported to countries outside the EU in August than in August 2023, falling by 4.8% to 55.2 billion euros. Adjusted for calendar and seasonal effects, exports to these so-called third countries fell by 1.2% year-on-year to 58.5 billion euros. Compared to July of this year, this corresponds to a drop of 1.1%.
In addition to the USA and China, exports to Switzerland (down 7.6 percent), Turkey (down 7.2 percent), Japan (down 5.9 percent) and Mexico (down 16.2 percent) also fell year-on-year in August. In contrast, exports to the United Kingdom increased by 5.7 percent to 6 billion euros. German companies were also able to export more to Korea (up 9.5 percent), India (up 10.3 percent) and Brazil (up 11.6 percent).
At EUR 0.6 billion, exports to Russia were 14.4% below the level of August 2023, putting Russia in 19th place on the list of the most important destinations for German exports - before the Russian attack on Ukraine in February 2022, Russia was still in fifth place.
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