World trade: German exports climb to record high in June

Despite all the burdens caused by the Iran war, German exports rose to a record high in June. Adjusted for calendar and seasonal factors, goods worth €139.3 billion were shipped abroad, as reported by the Federal Statistical Office based on provisional figures. This was 0.9 percent more than in May and 6.6 percent more than a year ago.

This is the highest monthly value ever recorded, surpassing the previous high of €139.1 billion from September 2022. As a result, exports have grown for the fifth consecutive month and are proving to be a pillar of support for the sluggish German economy. The imports grew even more strongly than exports, increasing by 4.4 percent to €123.9 billion since May.

Compared to the same month of the previous year, this was an increase of 8.4 percent. This figure had already reached a higher level in November 2022. The foreign trade surplus fell to €15.4 billion, down from €19.3 billion in May. US business is weakening, Europe remains a stable pillar. In June, business with European countries abroad remained stable, with exports increasing by 1.3 percent compared to May.

Exports to non-EU countries recorded minimal growth of 0.3 percent, although US business declined significantly by 14.2 percent. Nevertheless, the USA remained the most important individual sales market with a volume of €12.1 billion. There were significant increases in business with Great Britain. Exports to China fell by 0.3 percent to €6.2 billion. In contrast, imports grew again, increasing by 9.1 percent to €16.5 billion.