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German exports beyond the EU slump in July

Economic Indicators Aug 22, 2022 03:30AM ET
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© Reuters. FILE PHOTO: A container ship leaves the port in front of famous landmark Philharmonic Hall in Hamburg, Germany March 11, 2020. REUTERS/Fabian Bimmer

BERLIN (Reuters) - 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.

The United States remained the most important trading partner for German exporters in July, with exports of goods to the U.S. 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.

German exports beyond the EU slump in July
 

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