Record German exports in June as trade defies Iran war

German exports rose to a record high in June despite the pressures of the Iran war, the Federal Statistical Office said on Friday on the basis of preliminary figures.

In calendar and seasonally adjusted terms, goods worth €139.3 billion ($160.6 billion) were exported in June, up 0.9% on May and 6.6% higher than a year earlier. 

The figure is the highest monthly value ever recorded, surpassing the previous record of €139.1 billion set in September 2022.

Exports have now grown for five consecutive months, providing support for the flagging German economy.

Imports grew even more strongly than exports, rising 4.4% since May to €123.9 billion - up 8.4% on the same month a year earlier, though a higher figure had been recorded in November 2022. The trade surplus narrowed to €15.4 billion from €19.3 billion in May.

US business weakens, Europe holds firm

Business with European trading partners remained stable in June, with exports to the region rising 1.3% compared with May. 

Exports to non-EU countries posted minimal growth of 0.3%, while business with the US fell sharply by 14.2%. The US nonetheless remained the single most important export market, with a volume of €12.1 billion. Exports to the United Kingdom posted strong gains.

Exports to China edged down 0.3% to €6.2 billion. Imports from China, by contrast, rose again, climbing 9.1% to €16.5 billion.