May 22, 2024

Germany's exports to the US and China are increasing

The German export business to countries outside the EU has not really taken off. In February, exports to these third countries rose 0.3% to 59.4 billion euros compared to the previous month, the Federal Statistics Office reported on Friday. Compared to the same month last year, they actually fell 4.5%, adjusted for calendar and seasonal distortions.

The US was the most important buyer of “Made in Germany” goods in February. Goods worth 13.9 billion euros were exported there, an increase of 5.5% compared to February 2023. Exports to the People's Republic of China increased by 0.3% to 8.0 billion euros. Exports to the United Kingdom increased by 9.3% to €6.8 billion.

Business in Russia continues to lose importance

However, Russian business continues to lose importance. Exports fell by 20.4% to 0.7 billion euros. In February, Russia ranked 17th among the most important destination countries for German exports outside the EU. In February 2022, a month before the attack on Ukraine, Russia was in fifth place. Later, several Western sanctions were imposed against the belligerent country.

Trade with so-called third countries comprises almost half of German exports. The leading indicator makes preliminary results quickly available for a key area of ​​German foreign trade. As trade with third countries does not always grow in parallel with trade with EU countries, statistical forecasts for the overall results of foreign trade are not possible.