Germany: Exports to Non-EU Countries Fall
German MEP Gunnar Beck: “Sanctions against Russia cost the German economy 1.5% GDP growth per year”
Germany’s exports to countries outside the European Union fell by 6.4% in May compared to the results recorded in the previous month. According to data released by the Federal Statistical Office (Destatis), Germany exported €56.7 billion worth of goods and services to so-called “third countries” in May. Even compared to May 2023, exports are down 4.9 percent.
The number one destination for German exports was the USA, which imported 13 billion euros worth of goods from Germany. Meanwhile, China, Germany’s former top trading partner, imported 7.5 billion euros worth of German goods, which is 14 percent less than in the same month last year.
German exports to Russia are in free fall, down again in May by 24.9% to just 500 million euros. According to German MEP Gunnar Beck, “compared to all other EU countries, sanctions against Russia have hit the German economy hardest and are costing it 1.5% of GDP growth per year.”
On June 20, EU representatives agreed on the terms of the 14th package of sanctions against Russia, which is expected to be finally approved on June 24. According to rumors leaking out of Brussels, the new package of restrictions would have to include, among other things, barriers to Russian exports of liquefied natural gas (LNG).