Germany’s export companies will feel the effects of the weakening global economy in 2023. The development became particularly clear at the end of the year.
Weak year for German foreign trade: Exports of goods fell by 1.4 percent to 1,562.1 billion euros in 2023 compared to the previous year, as the Federal Statistical Office in Wiesbaden announced.
Imports fell even more sharply, falling by 9.7 percent to 1,352.5 billion euros. In 2022, exports “Made in Germany” reached a record level, also as a result of price increases. The price effects cannot be quantified precisely because statisticians do not collect price-adjusted data on foreign trade.
The weakness was clear at the end of the year. In December, exports fell by 4.6 percent and imports by 6.7 percent compared to the previous month. In December, Germany delivered goods worth 125.3 billion euros abroad. That was 4.6 percent less than in December 2022. Imports fell by 12.4 percent to 103.1 billion euros within a year.
Source: Stern
