According to the latest data released by the Federal Bureau of Statistics on August 19, 2024, Germany’s exports fell by 1.6% in the first half of 2024 to a total of €80.17 billion. Meanwhile, imports fell by 6.2% in the same amount to €66.28 billion. These data show that Germany’s overall foreign trade activity has decreased, but its foreign trade surplus has increased significantly.

Specifically, Germany’s foreign trade surplus in the first half of 2024 reached €138.8 billion, an increase of 28.7% compared to the same period last year, thanks mainly to a significant decline in imports and, despite a decline in exports, Germany hasined a strong surplus in international trade.

In terms of export goods, motor vehicles and motor vehicle parts remain the most important exports in Germany, with exports of €13.53 billion, down 2.4% compared to the previous year. This suggests that although the German automotive industry remains an important position in the global market, it is also under some market pressure. Mechanical products are the second largest category of German exports, with exports of €10.96 billion, down 4.4% compared to the previous year; chemical products are third, with exports of €7.18 billion, down 4.4%.

In terms of imports, Germany’s most important imports are also motor vehicles and motor vehicle parts, with imports totalling €73 billion, down 4.2% compared to the previous year. Data processing equipment is the second largest category of German imports, with imports totalling €643 billion, down 9.8% compared.

From the point of view of Germany’s major trading partners, the United States will remain the most important export market for German goods in the first half of 2024, with Germany’s exports to the United States amounting to €807 billion. France and the Netherlands rank second and third with exports of €624 billion and €576 billion respectively. These figures highlight the importance of the U.S. market for exports to Germany, and even in the context of increased global economic uncertainty, the United States remains the main destination for German products.

In terms of imports, China is Germany’s most important supplier, with Germany’s total imports of goods from China amounting to €73.5 billion in the first half of 2024.The Netherlands and the United States rank second and third among Germany’s major suppliers with €46.6 billion and €46 billion respectively.This demonstrates China’s dominant position in Germany’s import market, especially in the field of high-tech and industrial equipment.

It is worth noting that Germany has achieved the largest trade surplus in trade with the United States, with a surplus of EUR 34.7 billion. This shows that Germany exports to the US market far more than imports from the United States, reflecting strong complementarity in trade between the 2 countries. However, Germanys trade with China has a total deficit of EUR 25.3 billion. This deficit reflects Germanys high dependence on imports in trade with China, especially in the manufacturing and electronics sectors.

Overall, Germany’s foreign trade performance in the first half of 2024 was affected by the global economic environment, with both exports and imports declining. Nevertheless, Germany, with its strong manufacturing base and robust trade partnerships, stillins significant foreign trade surpluses. In the future, with the further development of the global economic situation, Germany’s foreign trade prospects will still face challenges, in terms of how to balance dependence on major markets and its role in the global supply chain.