German exports to countries outside the EU shrank in July

According to the Federal Statistical Office (FSO), German exports to countries outside the European Union (EU) fell by 7.6% in July compared with the previous month, after rising for three months in a row.

The economy slowed in the second quarter, and German Finance Minister Christian Lindner said this month that the economic situation in Germany is deteriorating and the outlook is uncertain.

According to the report, the U.S. remains Germany’s most important trading partner. Exports to the U.S. increased by 14.9% year-on-year in July. Exports to China increased by 6.1% year on year. However, exports to Russia fell by 56% year on year.

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