2024-08-19 22:52:40
The German export industry is not gaining momentum. Imports are also down significantly at the half-year mark. The major sectors in particular are weakening.
At the halfway point of the year, German foreign trade is lagging behind the results of the previous year. Both exports and imports declined in the first six months of this year, according to the Federal Statistical Office.
While exports fell 1.6 percent short of the previous year’s figure at EUR 801.7 billion, imports actually fell by 6.2 percent to EUR 662.8 billion. This increased the foreign trade surplus by 28.7 percent to EUR 138.8 billion.
Exports were particularly sluggish in the major sectors. The value of exported cars and parts fell by 2.4 percent year-on-year, while machinery fell by 4.4 percent.
Chemical products also recorded a similar decline. The USA remains the most important buyer of German goods, ahead of France and the Netherlands. China is the most important importer and has an export surplus of 25.3 billion euros with Germany.