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Despite the weakness of the global economy, geopolitical tensions and high inflation that have put pressure on Germany’s overseas operations, the latest figures released by the Federal Bureau of Statistics show that Germany’s exports grew unexpectedly by 1.2 percent in April 2023, especially with a significant increase in demand in the Chinese market.

Zhou Jing, director of the Department of Market System Construction of the Ministry of Commerce, said recently that China will promote high-level opening up to the outside world in accordance with the requirements of the Central Economic Work Conference of the Communist Party of China, relying on Chinas super-large-scale market advantages, attract global resource elements with domestic large cycle, both to leave high-quality foreign capital, but also to attract more high-quality foreign capital, improve the quality and level of trade and investment cooperation.

According to the latest report released by German credit agency “Credit Reform” in 2022, 140,000 companies went bankrupt in 14 Western European countries as well as Norway, Switzerland and the UK. This figure grew by 24.2% compared to the previous year. The largest increase in the number of bankrupt companies was in Austria, which grew by 59.7% compared to the previous year.

South Korea’s exports declined for the eighth month in a row in May due to the continued weakness of global demand for storage chips, however, compared to April, the decline was slightly lower. According to data from South Korea’s Ministry of Trade, Industry and Energy, foreign exports fell 15.2 percent compared to May, to $522.4 billion, a decrease of 16.3 percent over economists’ expectations.

At the recent G7 summit in Hiroshima, Japan, leaders announced new economic sanctions against Russia, targeting mainly its military-industrial potential and exports of important goods, while targeting individuals and entities accused of providing Russia with front-line transportation goods.

On May 29, 2023, the Turkish lira fell to $1 for $20,077 to a record low. Since this year, the lira has fallen by more than 7% and devalued by more than 90% over the past decade. Turkey is struggling to respond to the crisis of cost of living, currency crash and exhaustion of foreign exchange reserves.