German exports also fell in 2023 due to an unexpectedly weak annual result. Compared to 2022, they fell by 1.4 percent to 1,562.1 billion euros, as the Federal Statistical Office announced. Imports fell even more sharply: they fell by 9.7 percent to 1,352.5 billion euros. This results in an export surplus of almost 210 billion euros.
Things have recently gone downhill surprisingly sharply: in December, goods exports fell by 4.6 percent compared to the previous month – the biggest decline in a year. Economists surveyed by the Reuters news agency had only expected a decline of 2.0 percent, after a strong increase of 3.5 percent in November.
“Exporters need new impulses”
Imports even fell by 6.7 percent in December, which is also the biggest decline in a year. German exports to the member states of the European Union (EU) fell by 5.5 percent in December. At the end of the year, most German exports again went to the United States, even if they also fell by 5.5 percent. German business in China even shrank by 7.9 percent, and exports to the United Kingdom fell by 4.3 percent.
The new year started off as anything but promising for the German export industry: its expectations for business in the coming months fell again in January. The corresponding barometer fell to minus 8.4 points, the lowest level since September 2023.
“The German export industry is starting the new year worse,” said the head of the Ifo surveys, Klaus Wohlrabe. “The exporters need new impulses.” The weakening global economy is causing problems for them. Many central banks have raised their key interest rates sharply in the fight against high inflation, which makes loans for investments in German export hits such as machinery, systems or vehicles significantly more expensive and thus dampens demand.