German exports to third countries will decrease in May 2024

According to the Federal Statistical Office (DESTATIS), German exports to third countries fell by 6.4 percent in May 2024 compared to the previous month. With a product value of 58.6 billion euros, the focus of exports is on the United States, while exports to Russia have decreased significantly.

Details of growth in exports

Compared to the same month of May 2023, exports fell 4.9 percent, according to preliminary results not adjusted for calendar and seasonality. Destatis reported that goods worth 56.7 billion euros were exported to third countries.

United Nations Germany was the most important trading partner for exporters in May 2024. Exports to the US increased by 4.1 percent compared to the same month last year, with a value of 13.0 billion euros.

Exports to China and the United Kingdom

According to Testatis data, People’s Republic of China Goods worth 7.5 billion euros were exported – a 14.0 percent decline compared to the same month last year. It also exports United Kingdom It fell 1.7 percent to 6.3 billion euros.

Significant changes in trade with Russia

Germany exports Russia fell significantly: in May 2024 they were 24.9 percent less than the previous year at 0.5 billion euros. In May 2024, Russia ranked 19th among the most important destination countries for German exports outside the EU. By comparison: before the attack on Ukraine in February 2022, Russia was in fifth place.

Foreign trade perspective

Trade with third countries contributes to almost half of all German exports. However, this will not always grow in parallel with trade with EU countries, Testatis says. Therefore, a final forecast for the overall results of foreign trade based on the current leading indicator is not yet possible.