May 19, 2024

Germany: Exports to the United States and China decrease significantly News | Present

Exports to America and China have recently declined by double digits. (Image by Thorsten Scherr/Shutterstock)

German exporters' business with the United States and China fell again in December. Exports fell by 4 percent compared to the previous month, compared to December 2022, which was a 9.2 percent decline.

“The United States was the most important trading partner for German exporters in December 2023,” the official statement of the statisticians said. But American exports fell by 9.9 percent compared to the same month last year to 11.2 billion euros. Goods worth €7.2 billion were delivered to the People's Republic of China – a decrease of 12.7 percent. On the other hand, business with Great Britain grew by a strong 19.7 percent to reach €6.0 billion.

German exports to Russia collapsed again as a result of sanctions imposed following the attack on Ukraine. It decreased by 32.3 percent to 0.6 billion euros. For comparison: In February 2022, the month of the attack on Ukraine, Russia was in fifth place.

There are no forecasts yet

Trade with third countries covers almost half of all German exports. The leading indicator thus makes preliminary results for an important part of German foreign trade quickly available. Since business does not always develop in parallel with trade with EU countries, the overall results of foreign trade cannot be predicted on this basis, according to statisticians.

According to the Kiel Institute for the World Economy (IfW), total German exports fell by 1.4 percent last year. It is likely to stagnate in 2024 and increase significantly again in 2025.

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