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German Exports Beyond The EU Slump In July

German exports beyond the European Union fell by 7.6% on the month in July, the Federal Statistics Office said on Monday, marking a weak start to the second half in the engine room of Europe's largest economy.

The decline came after three rises in a row.

The economy stagnated in the second quarter, and finance minister Christian Lindner said this month the economic situation in Germany was deteriorating and the outlook fragile.

Separate official data released on Friday showed German producer prices jumped at the fastest pace on record in July. The economy is stuck in a stranglehold of soaring costs and weakening growth because of the Ukraine war.

Important Trading Partner

The United States remained the most important trading partner for German exporters in July, with exports of goods to the US market rising 14.9% on the year. Exports to China rose 6.1% on the year. Exports to Russia fell 56.0% on the year.

The German economy became more dependent on China in the first half of 2022, with direct investment and its trade deficit reaching new heights, despite political pressure on Berlin to pivot away from Beijing, according to research seen by Reuters.

In April of this year, the president of Germany's Federal Association of Wholesale, Foreign Trade and Services (BGA), Dirk Jandura said a swift end to the current price pressures facing businesses and consumers is "not foreseeable".

News by Reuters, edited by ESM – your source for the latest supply chain news. Click subscribe to sign up to ESM: European Supermarket Magazine.

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