Germany's foreign trade surplus contracts in July

By Gokhan Ergocun

ISTANBUL (AA) - Germany's foreign trade balance shrank to €14.7 billion ($16.75 billion) in July from €17.7 billion ($19.11 billion) in the same month of last year, according to figures released by the federal statistical office Destatis on Monday.

On a yearly basis, the country's exports and imports rose 1.4% and 4.3%, respectively.

Exports also decreased 0.6% month-on-month to €130.2 billion, while imports went down 0.1% to €115.4 billion.

To the EU countries, Germany exported goods worth €74.8 billion in July, while imports from these countries totaled €60.3 billion.

Exports of goods to countries outside the EU amounted to €55.3 billion, while imports were €55.1 billion.

Germany's exports to Russia decreased 12.4% to €0.5 billion in July from June, and were down 19.8% from July 2024. Imports from Russia, meanwhile, fell 43.9% to €0.1 billion, and were down 40.3% compared with July 2024.

The EUR/USD exchange rate was 1.14 as of the end of July, and 1.08 in July 2024.