The German export industry is not gaining momentum. Imports are also down significantly at the half-year mark. The major sectors in particular are weakening.
German foreign trade is lagging behind the results of the previous year in the first half of the year. Both exports and imports declined in the first six months of this year, according to the Federal Statistical Office. While exports, at 801.7 billion euros, were 1.6 percent below the figure for the same period last year, imports actually fell by 6.2 percent to 662.8 billion euros. This increased the foreign trade surplus by 28.7 percent to 138.8 billion euros.
Exports were particularly sluggish in the major sectors. The value of exported cars and parts fell by 2.4 percent in the year, while machinery fell by 4.4 percent. Chemical products also recorded a similar decline. The USA remains the most important buyer of German goods, ahead of France and the Netherlands. China is the most important importer and has an export surplus of 25.3 billion euros with Germany.
Destatis foreign trade 1st half of 2024
Source: Stern
