German exports fall in July

(Sharecast News) - German exports fell by 0.9% on a monthly basis from an upwardly-revised 0.2% rise in June, according to official statistics published on Monday.

Imports rose by 1.4%, after a sharp downwardly-revised 3.2% in June.

Exports to other EU economies rose month on month by 0.5%, while exports to non-EU economies fell 2.5%, despite another increase in exports to the US and China, largely due to a 3.5% slump in trade to the UK.

Imports from China plunged 5.8%, and those to the UK. fell by 3.2%, but imports from the US picked up 6.1% to €7.9bn. Imports from the UK dropped by 3.2% to £3bn.

Exports to Russia were up on the month but remain just over 30% below their level in July last year. Imports from Russia fell sharply by 15.7% on the month, and are down 91.8% from their level last July. These figures reflect the impact of EU sanctions on Russia after its unprovoked invasion of Ukraine.

Reporting by Frank Prenesti for Sharecast.com