INSIGHTS
- In November 2023, Germany saw a 3.7 per cent rise in exports and a 1.9 per cent increase in imports from October.
- However, compared to November 2022, exports fell by 5 per cent and imports by 12.2 per cent.
- The trade surplus reached €20.4 billion.
- Exports to the EU rose by 5.4 per cent to €71.5 billion, while imports grew by 2.8 per cent.
In November 2023, Germany’s exports rose by 3.7 per cent and imports by 1.9 per cent compared to October 2023, according to the latest figures from the Federal Statistical Office (Destatis). However, when compared with November 2022, there was a noticeable decrease, with exports down by 5 per cent and imports falling by 12.2 per cent.
The total value of exports reached €131.2 billion, while imports stood at €110.8 billion in November 2023, after adjusting for calendar and seasonal variations. This resulted in a foreign trade surplus of €20.4 billion for the month, an increase from the €17.7 billion in October 2023 and significantly higher than the €11.9 billion recorded in November 2022.
Germany’s trade with European Union (EU) member states also saw a positive trend. Exports to EU countries rose by 5.4 per cent to €71.5 billion, and imports increased by 2.8 per cent to €58.9 billion in November 2023 compared to the previous month. Specifically, exports to euro area countries totalled €50.3 billion, a 5.3 per cent increase, while imports from these countries were up 2.4 per cent to €39.2 billion. Trade with EU countries outside the euro area also grew, with exports at €21.2 billion and imports at €19.7 billion, as per Destatis.
Regarding trade with non-EU countries, exports amounted to €59.7 billion, and imports totalled €51.9 billion in November 2023. Compared to October 2023, exports to these countries grew by 1.8 per cent and imports by 0.8 per cent.
The US remained the top destination for German exports, despite a 1.4 per cent decline from October 2023, totalling €13.4 billion. Exports to China and the UK showed increases of 3.1 per cent and 15.2 per cent, respectively.
China was also the largest source of imports to Germany, with a value of €13 billion in November 2023, marking a 3.1 per cent increase from the previous month. Imports from the US and the UK also rose, recording increases of 3 per cent and 6.3 per cent, respectively.
Trade with Russia showed a significant calendar and seasonally adjusted increase of 12.8 per cent to €0.7 billion in exports in November 2023 compared to October. However, compared with November 2022, exports to Russia decreased by 38.3 per cent. Imports from Russia decreased by 14 per cent to €0.2 billion in November 2023 from October and were down by 88.4 per cent compared with November 2022.
On a nominal basis, Germany exported goods worth €139.2 billion and imported goods totalling €117.2 billion in November 2023. This represents a 4.9 per cent decrease in exports and a 12.1 per cent decline in imports compared with November 2022. The unadjusted foreign trade surplus stood at €22 billion in November 2023, up from €13 billion in the same month of the previous year.
Source: https://www.fibre2fashion.com/