Foreign trade: First decline in electrical exports since January 2021

Foreign trade: First decline in electrical exports since January 2021

For the first time in a long time, exports from the domestic electrical and digital industries are weakening. Looking at the year so far, things are not looking bad for the industry.

Despite a slight setback in July, exports from the German electrical and digital industry are well above the previous year’s level so far this year. There was the first decline since January 2021 in July, as the industry association ZVEI announced on Thursday in Frankfurt: Compared to the same month last year, exports fell by 0.5 percent to 19.4 billion euros. In the first seven months of 2023 together, however, the industry’s nominal exports were 7.6 percent above the level of the same period last year at 147.3 billion euros.

According to the association, from January up to and including July, German electrical manufacturers delivered goods to the euro area alone with a total value of 50.3 billion euros, 10.9 percent more than a year earlier.

The industry recorded an increase in trade with the important USA sales market in July (plus 8.3 percent to 2.1 billion euros). In contrast, deliveries to China, among others, fell compared to the same month last year (minus 8.2 percent to 2.1 billion euros).

Increase in imports

According to the Association of the Electrical and Digital Industry (ZVEI), trade with Russia hardly plays any role anymore: “The industry’s exports to Russia were further reduced by more than half to 45 million euros in July and were therefore now absolutely lower than that Deliveries to Ukraine,” explained ZVEI chief economist Andreas Gontermann.

Imports of electrical and electronic goods to Germany in July 2023 slightly exceeded the value of the same month of the previous year: there was an increase of 0.5 percent to 20.3 billion euros. In the seven months overall, electrical imports amounted to 157.4 billion euros – an increase of 10.1 percent compared to the same period last year.

Source: Stern

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