Germany exports more in the first half of the year

Created: 08/03/2022 10:53 am

Container ship at the Container Terminal Burchardkai (CTA) in the Port of Hamburg.

© Julian Weber/dpa

Trade with the USA in particular is picking up again.

Germany exports increased by 13 percent in the first half of the year.

Wiesbaden - Despite the economic consequences of the Ukraine war, Germany's exporters have achieved a strong plus in the first half of the year after a strong June.

In the first six months, exports of goods rose by 13 percent compared to the same period last year to 754.2 billion euros, as reported by the Federal Statistical Office in Wiesbaden on Wednesday.

Imports increased even more significantly by 26.2 percent to 722.5 billion euros due to the increased prices for crude oil and gas.

After a dip in May, exports rose by 4.5 percent month-on-month in June.

There was a significant increase in trade with the USA in particular.

Overall, Germany exported goods worth 134.3 billion euros.

That was 18.4 percent compared to June 2021. Imports increased by 27.9 percent to 127.9 billion euros within a year.

Despite sanctions against Russia following the attack on Ukraine, exports to the country rose 14.5 percent month-on-month to 1.2 billion euros in June.

Within a year, however, they fell significantly by 40.3 percent.

Imports from Russia increased in June compared to the previous month by 4.8 percent to 3.5 billion euros.

The country mainly supplies raw materials and energy.

Germany is dependent on energy imports from abroad.

Oil and gas prices have risen significantly since the beginning of the Ukraine war.

The impending gas shortage is increasingly burdening the outlook for the export economy.

This is the result of a survey recently published by the Munich Ifo Institute among around 2,300 industrial companies.

Export expectations, a mood indicator for the industry, fell by 3.9 points from June to July to minus 0.5 points.

dpa