Economy German exports shrink in October
A major setback for Germany's exporters: in October, companies delivered significantly fewer goods abroad.
13.12.2024, 08:57
13.12.2024, 09:02
SDA
Exports shrank by 2.8 percent compared to September to 124.6 billion euros, according to the Federal Statistical Office in Wiesbaden. Exports also fell by 2.8 percent compared to the same month last year.
Exports to the USA, the largest target market for German exports, slumped by a good 14 percent to 12.2 billion euros compared to the previous month. At the same time, exports to China fell by 3.8 percent. In trade with EU countries, exports fell by 0.7 percent.
Foretaste of trade conflicts with Trump
The start to the fourth quarter does not bode well with the decline in October, wrote VP Chief Economist Thomas Gitzel. "Even if the significant decline in exports to the US is likely to be characterized by large orders, the drop gives a foretaste of what could be in store in the event of tangible tariff disputes with the US."
Growing competition on the global markets, for example from China, as well as structural problems in German industry, such as expensive energy and a lot of bureaucracy, have been causing problems for Germany as an export nation for some time. Exports had already fallen in September.
Imports to Germany shrank by 0.1% in October compared to September to 111.2 billion euros. Compared to the same month last year, there was an increase of 1.7 percent. The bottom line was a positive foreign trade balance of 13.4 billion euros.
