German exports to countries outside the EU fell significantly in December. The slump was particularly noticeable among the most important trading partners, the USA and China.
German exporters’ business with important overseas customers fell significantly in December. Exports to countries outside the European Union fell by 4.0 percent compared to November after calendar and season adjustment, as the Federal Statistical Office announced in an initial estimate. Compared to December 2022, there is a decrease of 9.2 percent.
“The United States was also the most important trading partner for German exporters in December 2023,” explained the statisticians. Compared to the same month last year, exports to the USA fell by 9.9 percent to 11.2 billion euros. Goods worth 7.2 billion euros were delivered to China – a decrease of 12.7 percent.
Other important buyers of German goods in other EU countries are Switzerland and Turkey. Exports to these countries each fell by double-digit percentages. 6.5 percent less went to South Korea than in the same month last year.
Better business with Great Britain and Mexico
Business with Great Britain, on the other hand, grew by a strong 19.7 percent to 6.0 billion euros. Mexican trading partners purchased almost 16 percent more German products.
Trade with third countries accounts for almost half of all German exports. Data for trade with EU partners was 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.
According to calculations by the Kiel Institute for the World Economy (IfW), total German exports fell by 1.4 percent last year. They are likely to stagnate in 2024 and only increase significantly again next year.