German exports decline in June ’24

Germany’s exports fell by 3.4 per cent in June 2024 from the previous month, while imports slightly increased by 0.3 per cent, according to provisional data released on Wednesday.

On a year-over-year basis, exports decreased by 4.4 per cent, and imports dropped by 6.4 per cent. Despite these declines, Germany maintained a trade surplus of €20.4 billion, down from €25.3 billion in May 2024 but slightly higher than the €19.0 billion surplus recorded in June 2023.

Germany exported €69.7 billion worth of goods to EU member states in June 2024, a 3.4 per cent decline from May, while imports from these countries rose by 1.0 per cent to €56.3 billion. Exports to euro area countries decreased by 3.2 per cent to €48.5 billion, and imports declined by 0.3 per cent to €37.0 billion.

Trade with non-euro area EU countries saw exports drop by 3.7 per cent to €21.3 billion, while imports increased by 3.7 per cent to €19.3 billion.

Exports to non-EU countries totalled €57.9 billion, marking a 3.5 per cent decrease, while imports fell by 0.4 per cent to €51.0 billion. The United States remained Germany’s largest export market, though exports there fell by 7.7 per cent to €12.9 billion. In contrast, exports to China grew by 3.4 per cent to €7.9 billion.

China was the largest source of German imports, with goods valued at €12.3 billion, a 4.9 per cent decrease from May. Imports from the United States fell by 6.5 per cent to €7.4 billion, while imports from the United Kingdom increased by 11.1 per cent to €3.1 billion.

Trade with Russia continued to decline. Exports to Russia fell by 3.2 per cent month-over-month to €0.6 billion, a 22.2 per cent decrease compared to June 2023. Imports from Russia also dropped by 1.5 per cent from May to €0.2 billion, down 44.8 per cent from the previous year.

On a nominal basis, without seasonal adjustments, Germany’s exports amounted to €129.7 billion, an 8.3 per cent decrease from June 2023, while imports totalled €107.5 billion, down 9.3 per cent.

The unadjusted trade surplus was €22.2 billion, slightly lower than the €23.0 billion surplus recorded a year earlier.

Attribution: the Federal Statistical Office (Destatis)