Complete News World

German exports to the United States and China are increasing.

German exports to the United States and China are increasing.

Reading time: 1 minute

03/22/2024 09:40

German exports are difficult, but according to the Federal Statistical Office in Wiesbaden, sales to the two main markets, the USA and China, have improved. A sign of hope?

German exports to the United States and China are increasing

Via Jadeport to the World: Exports abroad are faltering, and ships bound for China and the United States are moving a little faster again. (Photo: dpa)

Photo: Sina Schuldt

Notification of new articles:

Germany's export business to countries outside the European Union has not really taken off. In February, exports to so-called third countries rose by 0.3 percent compared to the previous month, reaching 59.4 billion euros, the Federal Statistics Office announced. Compared to the same month last year, it decreased by 4.5%, after adjusting for calendar and seasonal distortions.

The United States remained the most important buyer of “Made in Germany” goods in February, with €13.9 billion worth of goods exported there, an increase of 5.5 percent compared to February 2023. Exports to the People’s Republic of China increased by 0.3 percent to 8.0 percent. billion euros, and exports to the United Kingdom grew by 9.3% to reach 6.8 billion euros.

Business in Russia has become less important

However, Russian business is still losing its importance. Exports fell by 20.4 percent to 0.7 billion euros. In February, Russia ranked 17th among the most important destination countries for German exports outside the European Union. In February 2022, a month before the attack on Ukraine, Russia was in fifth place. Subsequently, several Western sanctions were imposed on the warring state.

Trade with so-called third countries covers almost half of all German exports. The leading indicator makes preliminary results for an important part of German foreign trade quickly available. Since business with third countries does not always develop in parallel with trade with EU countries, the overall results of foreign trade cannot be predicted on this basis, according to statisticians.

The Institute for the World Economy (IfW) expects a decline in total exports this year. Because of the weak winter half-year, exports are expected to decline by 1.7 percent on average this year. An increase of 2.8 percent is expected for 2025. (RTR)