Despite the economic consequences of the war in Ukraine, in Germany, according to the results of the first half of 2022, the export figures. From January to June of this year, German companies exported goods and services worth 754.2 billion euros, which is 13 percent more than in the same period of 2021, announced on Wednesday, August 3, Federal Statistical Office in Wiesbaden.
At the same time, the aggregate indicator of imports increased even more due to increased oil and gas prices – by 26.2 percent to 722.5 billion euros, the statement says.
The main importer of German products is the USA
The export index in June increased by 4.5 percent compared to May. At the same time, significant growth is noted, first of all, in trade with the United States. Germany exported €14.2 billion worth of goods and services to the US in June, up 6.2 percent from the previous month. Exports to China in June rose 2.4 percent m/m to 8.9 billion euros.
Most goods and services imported in June were from China, this figure amounted to 17.0 billion, which is 3.9 percent lower than in May. Germany’s imports from the US increased by 14.7 percent in June to 8.5 billion euros.
Exports to Russia fell by 40 percent year-on-year
Meanwhile, in June 14.5 percent increased export to Russia compared with May, its figure was 1.2 billion euros. At the same time, in annual terms, it decreased by 40.3 percent. Imports from the Russian Federation in June increased by 4.8 percent to 3.5 billion euros compared to the previous month, most of it is supply of raw materials and energy carriers.
Since the beginning of the Russian war against Ukraine, the European Union has adopted several packages massive sanctions in relation to Russia, including those significantly limiting the supply of Russian raw materials and energy carriers. Following the decision on a partial embargo on Russian oil, the EU is discussing the possibility of similar measures against Russian gas.