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Exports to the US and China fell in December

Exports to the US and China fell in December

As of: January 22, 2024 10:40 am

German exports to countries outside the EU fell significantly in December. The decline is particularly noticeable in the most important trading partners, the US and China.

German exporters' business with important foreign customers fell significantly in December. Exports to countries outside the European Union fell 4.0 percent compared to November after calendar and seasonal adjustments, the Federal Statistics Office reported in a preliminary estimate. Compared to December 2022, there is a decrease of 9.2 percent.

“The US was also the most important trading partner for German exporters in December 2023,” the statisticians explained. Compared to the same month last year, exports to the United States fell 9.9 percent to 11.2 billion euros. 7.2 billion euros worth of goods were delivered to China – down 12.7 percent.

Other EU countries that buy German goods are Switzerland and Turkey. Exports to these countries each fell by double-digit percentages. 6.5 percent less than the same month last year went to South Korea.

Great trade with Great Britain and Mexico

On the other hand, trade with Great Britain grew by 19.7 percent to 6.0 billion euros. Mexican trading partners bought nearly 16 percent more German products.

Trade with third countries contributes to almost half of all German exports. Data for trade with EU partners is not yet available. In November, exports rose again for the first time in months, although this was largely driven by exports to other EU countries.

Total German exports fell 1.4 percent last year, according to calculations by the Kiel Institute for the World Economy (IfW). They will stagnate in 2024 and increase significantly again the following year.

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