This morning Germany announced that its overall imports increased in May 2023 by 1.7% to 116.1 Billion Euros from the month before. In contrast, exports for Germany decreased by 0.7%.
https://www.destatis.de/EN/Home/_node.html
But behind those prosaic numbers lies some interesting maneuvers in German Oil trading.
First, Germany began importing oil from Iran for the first time in 5 years. It is in direct defiance of the American Sanctions on Iran.
Their Iranian Oil Imports began in mid-June, so it’s unlikely that it had much of an impact on this Import/Export Report, but imports are expected to increase substantially in the months ahead.
https://www.tehrantimes.com/news/485704/Germany-resumes-oil-imports-from-Iran-despite-U-S-sanctions
Next, as a result of the loss of the Nordstream Pipeline, Germany has cut back substantially on its oil and gas exports to the United States. The latest report from the Energy Information Agency shows that German oil exports to the United States are down 52 thousand barrels a day.
https://www.eia.gov/dnav/pet/PET_MOVE_NETI_DC_NUS-NGM_MBBLPD_M.htm
Interesting news from the German Trade Report
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