Trade and exports to China and the United States collapse – Economy

German exporters' business with non-EU countries such as the United States and China declined significantly in December. Exports fell by 4.0 percent compared to the previous month after calendar and season adjustments to 57.2 billion euros, the Federal Statistics Office announced on Monday. If we compare exports with the previous year, the decline is more significant at 9.2 percent.

“The United States was also the most important trading partner for German exporters in December 2023,” the statisticians explained. 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. In December, Russia was only the 20th most important destination country for German exports outside the European Union. For comparison: In February 2022, the month of the attack on Ukraine, Russia was in fifth place.

Trade with third countries covers almost half of all German exports. The leading indicator 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.