German exports to US, China fell sharply in December

Containerships at loading terminals are seen in the port of Hamburg, Germany, Feb 2, 2017. REUTERS/Fabian Bimmer/ File photo

BERLIN  – Exports to Germany’s most important overseas trade partners, including the United States and China, fell significantly at the end of last year, according to statistics office data on Monday.

In December, exports to countries outside the European Union fell 4 percent compared with November, on a calendar and seasonally adjusted basis, to 57.2 billion euros ($62.27 billion), it said.

Compared with December 2022, there was an even steeper decline in exports to non-EU countries of 9.2 percent, it added.

While the United States remained German exporters’ most important trading partner, exports to the U.S. in December slumped by 9.9 percent on the year to 11.2 billion euros, the office said.

Exports to China dropped by 12.7 percent to 7.2 billion euros, according to the office. By comparison, exports to Britain were up 19.7 percent on the year to 6.0 billion euros, said the office.

READ: German exports fall more than expected in September

Trade with non-EU countries accounts for just under half of all German exports. However, it does not always develop in parallel to trade with EU countries, the office said, which means it is not yet possible to forecast how foreign trade developed overall in December based on this early indicator.

German exports rose much more than expected in November. The IfW economic institute has predicted that total German exports fell by 1.4 percent last year and are likely to stagnate in 2024.