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German exports are recovering surprisingly well from the war

2022-06-03T10:09:49.876Z


Despite the upheaval caused by the war in Ukraine, German foreign trade is recovering. But many German companies continue to suffer - from the lockdown in China.


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Cars for export to the USA (photo from Bremerhaven, 2017)

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Ingo Wagner / DPA

Germany lost the title of world export champion years ago, and after Russia's attack on Ukraine, international business for German companies collapsed.

In the meantime, however, exports have recovered surprisingly strongly.

According to the Federal Statistical Office, they grew in April by 4.4 percent compared to the previous month to 126.4 billion euros due to good business with the USA and the euro countries.

Experts had only expected an increase of 1.5 percent after there had been a seasonally and calendar-adjusted decline of 3.0 percent in March.

This time, imports also increased far more strongly than expected at 3.1 percent, after an increase of 3.2 percent in the previous month.

Exports to Russia fell by 10.0 percent in April due to sanctions against the Putin regime and other measures restricting exports.

They now only amounted to 0.8 billion euros.

Imports from Russia fell by 16.4 percent to 3.7 billion euros.

Germany mainly imports oil and natural gas from there.

German exports to the EU member states increased by 4.2 percent in April, those to the euro countries by as much as 5.9 percent.

Exports to the US, the main customer, rose 7.7 percent, while those to China fell 4.5 percent.

In the People's Republic, the strict corona measures are causing problems for many companies in Germany.

According to a survey by the Ifo Institute, this is particularly felt by those who are already suffering from a lack of material.

"Sectors such as the automotive industry, chemicals, mechanical engineering or electrical equipment, which are closely linked to the Chinese economy, are hardest hit," says Lisandra Flach, head of the Ifo Center for Foreign Trade.

Overall, according to a survey by the Ifo Institute, the mood among German exporters has brightened in May for the second month in a row.

"But German industry remains cautious," said Ifo President Clemens Fuest.

"Logistics problems continue to be a major burden."

Apr/Reuters

Source: spiegel

All business articles on 2022-06-03

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