German exports down by 6.3% in December
BERLIN – German exports fell more than expected in December as high inflation and market uncertainty continued to weigh on Europe’s largest economy despite fading supply chain problems.
Exports fell by 6.3 percent on the previous month, data from the federal statistics office showed on Thursday.
Analysts polled by Reuters had predicted a decline of 3.3 percent.
Imports fell by 6.1 percent. Imports had been forecast to drop by 0.8 percent.
In 2022 as a whole, exports were up by 14.3 percent from the previous year after calendar and seasonal adjustments. Imports rose much more strongly, by 24.3 percent, driven by increased energy prices due to the war in Ukraine.
As a result, Germany’s export surplus declined for the fifth consecutive year in 2022, the statistics office said.
Most German exports went to the United States in December 2022, with goods exports down 10 percent on November 2022 after seasonal and calendar adjustment.
Most imports came from China in December, with 13.5 billion euros in goods from there.
The statistics office publishes a detailed report with more economic data.
($1 = 0.9085 euros)
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.