Mon, 05 Jun 2023

German exports to non-EU countries decline in April

23 May 2023, 03:18 GMT+10

BERLIN, May 22 (Xinhua) -- German exports to countries outside the European Union (EU) continued to fall in April, declining 5.2 percent year-on-year to 51.5 billion euros (55.62 billion U.S. dollars), according to provisional data published by the Federal Statistical Office (Destatis) on Monday.

Exports to the United States accounted for 11.6 billion euros in April, falling by 2.2 percent year-on-year, while that to the United Kingdom declined by 8.1 percent to 5.3 billion euros, according to the figures.

Meanwhile, German exports to China, the country's biggest trade partner, recorded 7.5 billion euros in April, down by 9.6 percent from the same period last year.

Also on Monday, the German Kiel Institute for the World Economy (IfW Kiel) said global trade had shown "signs of a sideways movement" after strong growth in April. The institute expects exports from Europe's largest economy to start growing at a rate of 0.8 percent in May.

"The recovery in Red Sea cargo volumes may have been short-lived," said IfW Kiel trade expert Vincent Stamer. "Current freight rates are again following the trend of the weak phase of the past months." (1 euro = 1.08 U.S. dollar)

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