Germany, known for its strong export economy, faced disappointing news in June 2024 as exports declined for the second month in a row.
According to the Federal Statistical Office, German exports fell by 3.4 percent in June 2024 compared to May, after adjusting for calendar and seasonal variations. Compared to the same period last year, exports dropped by 4.4 percent. As a result, the value of goods exported in June 2024, adjusted for these factors, amounted to 127.7 billion euros.
Exports to European Union (EU) member states dominated, with goods valued at 69.7 billion euros—a decrease of 3.4 percent. Specifically, goods worth 48.5 billion euros were delivered to Eurozone countries, down by 3.2 percent. Exports to EU states outside the Eurozone totaled 21.3 billion euros, marking a decline of 3.7 percent.
Exports to the US decline, while shipments to China increase In June 2024, goods worth 57.9 billion euros were exported to non-EU countries (third countries), reflecting a 3.5 percent decline after calendar and seasonal adjustments. The United States remained the most significant destination, but exports there saw a sharp drop of 7.7 percent, falling to 12.9 billion euros. In contrast, exports to China increased by 3.4 percent, reaching 7.9 billion euros compared to May. Exports to the United Kingdom saw a slight decrease of 0.6 percent, with goods valued at 6.5 billion euros.
Exports to the Russian Federation decreased by 3.2 percent in June 2024 compared to May, amounting to 0.6 billion euros—a significant year-over-year decline of 22.2 percent.
Imports show minimal increase The value of imported goods in June 2024, adjusted for calendar and seasonal factors, reached 107.3 billion euros. Imports rose slightly by 0.3 percent compared to the previous month but fell by 6.4 percent compared to June 2023.
As a result, Germany generated an export surplus of 20.4 billion euros in June 2024.
