After calendar and seasonal adjustment, Germany exported goods to the total value of €131.3 billion and imported goods to the value of €112.6 billion in June 2023. The foreign trade balance showed a surplus of €18.7 billion in June 2023. The calendar and seasonally adjusted surplus stood at €14.6 billion in May 2023 and €6.4 billion in June 2022, Destatis said in a press release.
In June 2023, German exports fell by 1.9 per cent, and imports decreased by 11.6 per cent YoY, as per provisional data by Destatis.
The foreign trade balance showed a surplus of €18.7 billion.
Seasonally adjusted exports to EU countries rose by 1.3 per cent, while imports fell by 3.1 per cent.
Exports to third countries declined by 1.1 per cent.
On a calendar and seasonally adjusted basis, Germany exported goods to the value of €71.5 billion to the member states of the European Union (EU) in June 2023, while it imported goods to the value of €60.0 billion from these countries. Compared with May 2023, calendar and seasonally adjusted exports to EU countries rose by 1.3 per cent, while imports from these countries fell by 3.1 per cent.
The value of the goods exported to euro area countries totalled €50.3 billion at 1.8 per cent in June 2023, and the value of the goods imported from these countries was €39.6 billion at -4.1 per cent. In June 2023, goods to the value of €21.2 billion at -0.1 per cent were exported to EU countries not belonging to the euro area, while the value of the goods imported from these countries was €20.4 billion at -1.0 per cent, on a calendar and seasonally adjusted basis.
Exports of goods to countries outside the EU (third countries) amounted to €59.8 billion in June 2023, while imports from these countries totalled €52.6 billion, on a calendar and seasonally adjusted basis. Compared with May 2023, exports to third countries declined by 1.1 per cent and imports from third countries fell by 3.7 per cent.
Most German exports in June 2023 went to the US. After seasonal and calendar adjustment, exports of goods to the US were down 0.2 per cent compared with May 2023, with the value of exports to the US dropping to €12.7 billion. Exports to China decreased by 5.9 per cent to €8.2 billion and exports to the UK fell by 0.2 per cent to €6.5 billion.
Most imports in June 2023 came from China. Goods to the value of €14.0 billion were imported from there, which represented a 5.3 per cent increase compared with the previous month, after calendar and seasonal adjustment. Imports from the US fell by 1.2 per cent to €7.5 billion. Imports from the UK dropped by 4.4 per cent to €3.1 billion during the same period.
Exports to Russia declined a calendar and seasonally adjusted 2.3 per cent to €0.7 billion in June 2023 compared with May 2023. Compared with June 2022, when exports to Russia decreased dramatically as a result of the Russian attack on Ukraine, exports fell by 41.1 per cent. Imports from Russia rose by 16.5 per cent to €0.3 billion in June 2023 from May 2023, and were down 91.3 per cent compared with June 2022.
Germany exported goods to the value of €138.6 billion and imported goods to the value of €116.4 billion on a nominal basis (not adjusted for calendar or seasonal effects) in June 2023. Compared with June 2022, exports in June 2023 therefore increased by 1.5 per cent, and imports fell by 9.5 per cent. The unadjusted foreign trade balance showed a surplus of €22.2 billion in June 2023. In June 2022, the surplus was €8.0 billion.
Fibre2Fashion News Desk (NB)
