Minus 6.3 percent in December – German exports collapse

German exports collapsed in a weak global economic environment in December. Exports shrank by 6.3 percent compared to the previous month, as announced by the Federal Statistical Office on Thursday. Economists surveyed by Reuters had only expected a minus of 3.3 percent.

In 2022 as a whole, German exports increased by 14.3 percent compared to the previous year after calendar and seasonal adjustments. Imports rose significantly more, by 24.3 percent, due in particular to the higher prices for energy imports as a result of the Ukraine war. The export surplus fell in 2022 for the fifth year in a row.

In December, exports to the EU countries fell by 4.0 percent compared to the previous month and imports from these countries by 4.8 percent. Compared to November, exports to countries outside the EU decreased by 9.1 percent and imports from there by 7.4 percent.

At the end of the year, most German exports went to the USA. However, 10 percent fewer goods were exported there than in November. Exports to the United States thus fell to a value of 12.3 billion euros. Exports to China fell by 14.2 percent to 7.6 billion euros, exports to Great Britain fell by 24.3 percent to 5.6 billion euros.

The federal government expects a difficult year for German exporters. Exports are likely to grow by just 2.2 percent in 2023, according to the annual economic report. The "subdued development of the global economy" is initially dampening the prospects of German exporters on the international sales markets

"Kick-off Politics" is WELT's daily news podcast. The most important topic analyzed by WELT editors and the dates of the day. Subscribe to the podcast on Spotify, Apple Podcasts, Amazon Music, among others, or directly via RSS feed.