Despite the economic consequences of the war in Ukraine, exports in Germany increased significantly in the first half of 2022. From January to June this year, German companies exported goods and services worth €754.2 billion, 13% more than which in the same period of 2021, announced this Wednesday, August 3, the Federal Statistical Office of Wiesbaden.

At the same time, the aggregate indicator of imports increased even more due to the increase in oil and gas prices – by 26.2 percent to 722.5 billion euros, the statement said.

The main importer of German products is the USA

The export index in June increased by 4.5% compared to May. At the same time, significant growth can be observed, first of all, in trade with the United States. Germany exported €14.2 billion worth of goods and services to the US in June, up 6.2% on the previous month. Exports to China in June increased 2.4% m/m to €8.9 billion.

Most of the goods and services imported in June came from China, this amount was 17.0 billion, which is 3.9% lower than in May. Germany’s imports from the US rose by 14.7% in June to €8.5 billion.

Exports to Russia are down 40% from the previous year

Meanwhile, in June, exports to the Russian Federation increased by 14.5% compared to May, and their value was 1.2 billion euros. At the same time, in annual terms, it decreased by 40.3 percent. Imports from the Russian Federation in June increased by 4.8 percent to 3.5 billion euros from the previous month, most of it supplies of raw materials and energy.

Since the start of the Russian war against Ukraine, the European Union has adopted several large-scale sanctions packages against Russia, including those that significantly limit the supply of Russian raw materials and energy carriers. Following the decision on a partial embargo on Russian oil, the EU is discussing the possibility of similar measures against Russian gas.