Delayed recovery in foreign trade: Decline in Germany

Trade German electrical exports recently declining again

2024-08-01 Source: ZVEI | Translated by AI 1 min Reading Time

The expected recovery in foreign trade is delayed. Exports to almost all industrial nations are weaker in May than in the previous year.

Imports of electrotechnical and electronic products into Germany fell by 10.5 percent to 19.3 billion euros in May, more than exports.(Image: Lukas Gojda - stock.adobe.com) — Imports of electrotechnical and electronic products into Germany fell by 10.5 percent to 19.3 billion euros in May, more than exports.
(Image: Lukas Gojda - stock.adobe.com)

The exports of the German electrical and digital industry were lower in May 2024 than a year earlier. According to a statement by the ZVEI, they reduced by a total of 7.6 percent to 18.7 billion euros. "After the previous temporary increase in April, the latest renewed decline in deliveries means that the recovery in electrical foreign trade continues to be delayed," says ZVEI chief economist Andreas Gontermann. Accumulated from January to May, the aggregated industry exports amounted to 102.9 billion euros, which corresponds to a decrease compared to the previous year's value of 2.9 percent.

When comparing exports to industrialized countries, only an increase to Denmark of 9.6 percent to 256 million euros could be found in May, it continues. On the other hand, declines were reported in business with all other larger industrialized countries. Thus, deliveries to the USA fell by about 3 percent to 2 billion euros. The greatest losses were suffered by business with Italy and Taiwan. Exports to Italy fell by 19 percent to 814 million euros, to Taiwan by 28 percent to 219 million euros. "But deliveries to China, the largest customer country of the German electrical industry, also fell back in May by 5.3 percent to 2.1 billion euros, after the previous months of the current year had brought mostly increases again," says Gontermann.

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