Tuesday , 23 April 2024
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Global Economy

German exports on the up

German companies exported significantly more goods in the first half of the year. Compared to the same period last year, exports increased by 13.4 percent to 763.9 billion euros, as reported by the Federal Statistical Office. The most important export goods from Germany in the first six months were motor vehicles and vehicle parts with a value of 116.3 billion euros.

Exports to Russia in particular fell in the first half of the year: as a result of the sanctions imposed on Russia after the start of the Russian war of aggression in Ukraine, exports there collapsed by 34.5 percent to 8.3 billion euros.

Energy prices make imports from Russia more expensive

The value of imports from Russia, on the other hand, rose by more than 50 percent to 22.6 billion euros. But this is mainly due to the high energy prices: the prices for oil and gas have skyrocketed since the start of the Ukraine war. Germany is economically dependent on the deliveries, but has already significantly reduced the volume: the volume of imported goods from Russia fell by 24 percent in the first half of the year.

In total, goods worth 729.6 billion euros were imported to Germany in the first six months of the current year. That was 26.5 percent more than in the same period last year. The most important imported goods in recent months were chemical products at 76.1 billion euros.

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