German exporters sold less overseas in November. Exports to countries outside the European Union (EU) shrank by 0.5 percent compared to the previous month to 61.8 billion euros, as the Federal Statistical Office announced on Wednesday. Compared to the same month last year, however, there was growth of 13.8 percent, which is also due to the sharp rise in foreign trade prices, as the statisticians emphasized.
The United States remained the most important customer for German exporters. Goods worth 14.6 billion euros were exported there – an increase of 32.3 percent compared to November 2021. Business with China, which had long suffered from the strict corona restrictions, grew by 5.6 percent to 9.4 billion euros . Exports to Great Britain also increased very strongly by 28.8 percent to 7.8 billion euros.
On the other hand, German deliveries to Russia collapsed again as a result of the war in Ukraine and Western sanctions, by 52.4 percent to 1.2 billion euros. In November, this put Russia in tenth place among the most important destinations for German exports outside the EU. In February, before the attack on Ukraine, Russia was fifth.
Most economic institutes in Germany expect export growth to slow down in the coming year. The Kiel Institute for the World Economy (IfW) expects German exports to increase by only 1.9 percent. One reason is that many countries are likely to slip into recession in the coming year. This depresses the demand for goods “Made in Germany”. Central banks around the world have sharply raised their interest rates, which makes loans for investments significantly more expensive and is likely to weigh on demand.
