Exorbitant energy imports and advance payments affect the external trade balance – Brossardt: …

01/16/2023 – 13:59

IBW – Bavarian Economic Information Center eV

Munich (ots)

In the months from January to November 2022, Bavaria made token exports 13.6% more than the same period last year. This added up to exports 197.8 billion euros. However, this increase comes in large part due to inflation. the The global economy continues to develop weakly Bertram Brosshardt, Managing Director of the vbw – Association of Bavarian Business e. V, on foreign trade figures for November 2022 published today by the Bavarian State Statistical Office. This is putting pressure on demand for products from the free state.

Brossardt continues: “The value of imports rose from January to November 19.3% to 229.5 billion euros. So the bottom line is one The foreign trade deficit amounted to 31.7 billion euros. The main reason for this is high spending on energy imports. From January to November, Bavaria has a total 17.2 billion euros for oil and gas imports Outgoing, which corresponds to an increase 53.4 percent Compared to 2021. In addition, many other intermediate goods have become significantly more expensive. Companies cannot pass these costs on to their customers in global markets, or they do not pass them all on.”

Exports to all three central markets of Bavarian products increased in value in the January-November period (Europe +11.7%, US +25.9%, China +5.0%). “We also have to see these increases on the back of inflation. Trade with the US benefits from a weaker euro, however The developments in China are of great concern to us. China’s strict policy not to spread the coronavirus has long affected the economy in the Middle Kingdom. But since the easing of measures, China has seen one Huge aura wave. threatened it Renewed stresses in supply chains And Negative effects on demand for Bavarian products. ”

Brossardt explains the individual product groups: “While exporting the cars And electronic components From January to November 2022 in terms of value 27.9 percent respectively 14.1 percent It can increase, for example, exports Iron, tin and metal products just in 7.3 percent. ”

Media communication:

Maximilian Stoib, Tel. 089-551 78-335, Email: [email protected]

Original content from: ibw – Information Center for Bavarian Economy eV, transmitted by aktuell news