Data from the German Federal Statistical Office revealed a 2.9% decrease in the country’s exports to countries outside the European Union in the past month of July, compared to the preceding month. This information was reported by the Reuters news agency.
The value of goods exported by Germany during this month amounted to 59.0 billion euros, approximately equivalent to 64.09 billion dollars after seasonal and calendar adjustments.
Germany’s exports decline in the month of July
Despite this decline, exports showed a yearly increase of 1.1%. The data highlighted that the United States was Germany’s primary trading partner in July, with goods worth 13.7 billion euros exported, marking a year-on-year increase of 10.4%.
In contrast, trade with China witnessed a decrease, as the value of exports amounted to 8.3 billion euros, marking a decline of 6.2% compared to July 2022.
It’s worth noting that trade with countries outside the European Union represents about half of Germany’s total exports, making it a crucial indicator of Germany’s trade situation.
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