German exports to UK surge on gold rally

German exports to UK grew 5.3 per cent year-on-year to €67.6 billion ($70.93 billion) between January and October 2024, outpacing all other G20 countries. In contrast, overall German exports fell by 1.2 per cent during the same period.

A booming gold trade drove the surge, with gold exports tripling to nearly €5 billion by September, according to Marc Lehnfeld, director of the federal economic development agency Germany Trade and Invest (GTAI).

However, outside the gold sector, German-British trade showed mixed results, with car exports declining by 2.5 per cent, while pharmaceuticals, food, and machinery grew by 10 per cent, 5.2 per cent, and 3.3 per cent, respectively.

Experts attributed part of the growth to the normalisation of trade ties after the pandemic and Brexit.

Attribution: Reuters

Subediting: M. S. Salama