Business News Asia
According to the Federal Statistical Office, the German trade surplus fell in July as the number of exports declined more than the number of imports
According to the report, Germany’s seasonally adjusted trade surplus was 5.4 billion euros ($5.37 billion) in July, down from 6.2 billion euros in June.
German exports fell by 2.1% month-on-month in July to 131.3 billion euros, while imports fell by 1.5% to 125.9 billion euros.
Meanwhile, German trade with Russia fell sharply. German exports to Russia fell by 15.1% in July compared with the previous month, and imports by 17.4%.
The German trade surplus has fallen drastically in recent months. This is due to weak foreign demand, which is affecting manufacturing exports. In addition, import costs have risen significantly due to the sharp rise in energy prices.