According to the DIHK, German exports will fall in the coming year due to the global economy, which has been impacted by the Ukraine war and supply chain problems.
(Photo: IMAGO/Chris Emil Janssen)
Berlin German exports to countries outside the EU fell in October, mainly because of the weakening business in China. Exports to these so-called third countries fell by 1.6 percent on the previous month to 61.2 billion euros, as the Federal Statistical Office announced on Monday.
The balance is better compared to October 2021: There was growth of 10.4 percent. “This increase in value should also be seen against the background of the sharp rise in foreign trade prices,” the statisticians explained.
The USA remained by far the most important customer for German exporters. Goods worth 13.9 billion euros were delivered there last month – an increase of 28.1 percent compared to the same month last year.
Exports to China totaled 8.6 billion euros, down 8.1 percent from October 2021. Trade with the People’s Republic is likely to be hampered by the government’s strict corona policy in Beijing, which is causing lockdowns to keep companies closed. Deliveries to the UK increased by 10.2 percent year-on-year to EUR 6.2 billion.
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Russia is losing weight because of Western sanctions as a result of the war against Ukraine. Exports there collapsed in October compared to the same month last year by 59.2 percent to 1.0 billion euros. This puts Russia in twelfth place among the most important destinations for German exports outside the EU. In February, when the war began, Russia was fifth.
Exports are likely to fall
According to the DIHK, German exports will fall in the coming year due to the global economy, which has been impacted by the Ukraine war and supply chain problems. They are likely to be 2.0 percent weaker than in the current year, said Volker Treier, head of foreign trade at the Association of German Chambers of Industry and Commerce (DIHK). “The slump in exports is here,” he stressed.
This means that the German export industry earns more than 70 billion euros less abroad. In the past ten years, exports have only grown by an average of 3.5 percent, as trade barriers and protectionism have increased in many regions of the world.
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