Germany's trade surplus doubles in H1 as imports decline

Berlin [Germany], August 12: Germany's trade surplus in the first half (H1) of 2023 more than doubled year-on-year to 98.7 billion euros (108.6 billion U.S. dollars), the Federal Statistical Office (Destatis) said Friday.
While exports rose by 3.3 percent to 797.8 billion euros in the first six months, the value of goods imported by Europe's largest economy fell by 4.3 percent to 699.1 billion euros, according to Destatis.
With a value of 136.5 billion euros, motor vehicles and motor vehicle parts were the country's best-selling product group abroad.
According to the German Association of the Automotive Industry (VDA), the country's carmakers increased their H1 exports by 32 percent year-on-year to almost 1.7 million units. Pre-COVID-19 levels, however, will remain "out of reach" this year.
Despite a decline in both imports and exports, China remained Germany's most important trading partner in H1, with a total trade volume of 128.8 billion euros, according to the latest official figures. (1 euro = 1.10 U.S. dollar)
Source: Xinhua