Germany's foreign trade surplus at $24.6B in August

By Gokhan Ergocun

ISTANBUL (AA) - Germany's foreign trade balance posted a surplus of €22.5 billion ($24.66 billion) in August, according to federal statistical office Destatis on Wednesday, above market expectations.

The country's exports totaled €131.9 billion, up 0.1% on a yearly basis, and imports amounted to €109.4 billion, down 3.1%, Destatis stated.

Germany exported goods worth €72.7 billion to the EU member states in the month, while it imported goods worth €57.4 billion from these countries.

Exports of goods to countries outside the EU amounted to €59.2 billion in August, while imports from these countries were at €52 billion.

Most German exports in August went to the US with €13.5 billion, while China was the main import source with €13.2 billion.

Exports to Russia decreased by 9.5% to €600 million in August from July, and dropped by 11.8% compared with August 2023, when exports to Russia were already at a very low level as a result of the Russian war on Ukraine.

Imports from Russia dropped by 29.1% to €100 million in August from July, and were down 41.4% compared with August 2023.