German exporters’ business with non-EU countries such as the USA and China fell significantly in December. Exports fell by 4.0 percent compared to the previous month after calendar and season adjustments to 57.2 billion euros, as the Federal Statistical Office announced on Monday. If you compare exports with the previous year, the decline is even more significant at 9.2 percent.
“The United States was also the most important trading partner for German exporters in December 2023,” explained the statisticians. However, US exports fell by 9.9 percent compared to the same month last year to 11.2 billion euros. Goods worth 7.2 billion euros were delivered to the People’s Republic of China – a decrease of 12.7 percent. Business with Great Britain, on the other hand, grew by a strong 19.7 percent to 6.0 billion euros.
German exports to Russia collapsed again as a result of sanctions following the attack on Ukraine. They fell by 32.3 percent to 0.6 billion euros. In December, Russia was only in 20th place among the most important destination countries for German exports outside the EU. For comparison: In February 2022, the month of the attack on Ukraine, Russia was in fifth place.
Trade with third countries covers almost half of all German exports. The leading indicator makes initial results for an important part of German foreign trade quickly available. Since business does not always develop in parallel with trade with EU countries, no forecasts for the overall results of foreign trade are possible on this basis, according to the statisticians.
According to 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 in 2025.