Foreign trade growth weaker than in the two previous years

Saxony's foreign trade continued to grow in the first six months of this year. However, the growth has weakened significantly, as the Ministry of Economics in Dresden announced on request. According to the report, exports increased by three percent to 26.6 billion euros compared to the same period last year. In 2021, growth was still at 21.6 percent and in 2022 at 17.6 percent. However, it must be taken into account that in the two previous years, external influences such as Corona catch-up effects distorted the statistics and were only comparable to a limited extent, it said. The current result testifies to a robust Saxon economy despite the difficult economic environment.

According to the data, there have been some shifts in foreign trade partners, it said. Exports to China, for example, fell by 23 percent to 3.7 billion euros and were offset by increases in exports to other countries, it said. For example, it said, there was a 37 percent increase in exports to the United Kingdom in the first half of the year.

Exports to the Russian Federation slumped further by 40 percent, according to the statistics. Russia now ranks only 33rd among Saxony's most important export countries, he said. Saxony's most important export countries are China, the United States, the United Kingdom, the Czech Republic and France. Export hits were products of the automotive industry, electrical engineering and mechanical engineering.

In terms of imports, there was an increase of seven percent to around 18.7 billion euros in the first half of the year compared to 2022. In this area, the importance of China as a foreign trade partner has increased significantly, with a plus of 49 percent to 2.7 billion euros. The most significant decline was recorded by Russia, with a drop of 95 percent. The most important import countries are China, the Czech Republic, Poland, Hungary and the Netherlands. Imports were mainly products of electrical engineering, vehicle construction and mechanical engineering.