German exports to non-EU countries fell in October, mainly due to weak business in China.
Exports to the so-called third countries fell 1.6 percent from the previous month to 61.2 billion euros, the Federal Statistical Office announced on Monday. The balance is better compared to October 2021: there was a growth of 10.4 percent. “This increase in value can also be seen on the back of the sharp rise in foreign trade prices,” the statisticians explained.
The United States remained by far the most important customer for German exporters. Goods worth 13.9 billion euros were delivered there last month – an increase of 28.1 per cent compared to the same month last year. Exports to China totaled 8.6 billion euros, which was a decrease of 8.1 percent. Trade with the People’s Republic of China is likely to be hampered by the government’s strict Corona policy in Beijing, which is causing businesses to shut down. Deliveries to Great Britain increased by 10.2% to €6.2 billion.
Russia is losing weight due to Western sanctions as a result of the war against Ukraine. Exports there collapsed in October by 59.2 percent to 1.0 billion euros. This places Russia in the twelfth most important destination for German exports outside the European Union. In February, Russia was still in fifth place.
According to DIHK, German exports will decline next year due to the global economy, which has been affected by the Ukrainian war and supply chain problems. It is likely to be 2.0 percent weaker than the current year, said Volker Trier, head of foreign trade at the Federation of German Chambers of Industry and Commerce (DIHK). He stressed that “the stagnation in exports here.” This means that the German export industry earns more than 70 billion euros less abroad. In the past ten years, exports have grown at a rate of only 3.5 percent, as trade and protectionist barriers have increased in many regions of the world.