German exports outside the EU collapse in July

A container ship leaves the port in front of the famous Philharmonic Hall in Hamburg, Germany, March 11, 2020. REUTERS/Fabian Bimmer

BERLIN, Aug 22 (Reuters) – German exports outside the European Union fell 7.6% from July, the Federal Statistical Office said on Monday, marking a weak start to the second half of the year. engine room of Europe’s largest economy.

The drop came after three consecutive increases.

The economy stagnated in the second quarter and Finance Minister Christian Lindner said this month that the economic situation in Germany was deteriorating and the outlook was fragile. Read more

Separate official data released on Friday showed German producer prices jumped at the fastest pace on record in July. The economy is caught in the grip of soaring costs and weakening growth due to the war in Ukraine. Read more

The United States remained the main trading partner for German exporters in July, as exports of goods to the US market rose 14.9% on the year. Exports to China increased by 6.1% over the year. Exports to Russia fell by 56.0% over the year.

Germany’s economy has become 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 move away from Beijing, according to a study seen by Reuters. Read more

Written by Paul Carrel; Editing by Robert Birsel

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