Germany's exports fall, imports soar in August

ISTANBUL

Germany's exports dropped 5.8% year-on-year in August, while it saw a 16.8% rise in imports, the country's statistical authority revealed on Thursday.

Germany's imports stood at €111.4 billion ($117 billion) in August, while its exports amounted to €127.9 billion, the Federal Statistical Office (Destatis) said.

On a monthly basis, both exports and imports decreased, 1.2% and 0.4%, respectively.

The country's foreign trade balance posted a surplus of €16.6 billion in August.

Germany's exports to EU member states totaled €69.6 billion in August, while non-EU countries' share in German exports was at €58.3 billion.

The country's exports to Russia declined 0.5% to €700 million in August compared with July, and was down 36.1% on a yearly basis.

"Imports from Russia dropped 23.4% to €0.2 billion in August 2023 from July 2023, and were down 93.7% compared with August 2022," it added.