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Ekonomické zprávy
21.03.2023

The volume of German exports to third countries increased moderately last month

Data published by the Federal Statistical Office (Destatis) showed that in February, German exports to countries outside the European Union (third countries) increased by 5.2% compared to January, to 61.2 billion euros (calendar and seasonally adjusted). In terms of volume, German exports to third countries fell by 5.4% compared to the same month last year.

The United States was the most important trading partner for German exporters in February. Goods worth 13.1 billion euros were exported there. This means that exports to the United States increased by 19.4% compared to February 2022. Goods worth 7.9 billion euros were exported to China, which was 12.4% less than in the same month last year. German exporters had hoped for a stronger start to 2023 after pandemic restrictions that had closed factories and ports in the world's second-largest economy were lifted in December. However, experts see lots of catch-up potential in trade with China, whose economy could grow twice as fast this year as it did in 2022. The data also showed that German exports to the United Kingdom increased by 6.1% year-on-year to 6.2 billion euros.

Meanwhile, in February 2023, German exports to the Russian Federation fell by 60.1% compared to February 2022, to 0.8 billion euros, as a result of the war in Ukraine and the sanctions imposed on Russia. In February 2023, Russia ranked 14th among the most important destinations for German exports outside the EU. In February 2022, before the attack on Ukraine, Russia had ranked 5th.

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