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Compared to the same month last year, exports grew significantly faster at 8.6 percent than imports at 5.2 percent.
In total, German companies sold goods worth 130.6 billion euros to customers in other countries in January 2023. This was offset by imports worth 113.9 billion euros. Germany. Positive developments in prices are reflected in Germany. The prices of goods that Germany exports, such as cars, machines or chemical products, are currently developing better than the prices of goods that Germany imports, such as many raw materials. This exchange relationship, the terms of trade, are extremely important for Germany.
Germany foreign trade with China and Russia
In January 2023, Germany exported goods worth 71.9 billion euros to the countries of the European Union. This was offset by imports for 59.6 billion euros. Exports and imports increased almost simultaneously by around 0.6 percent. This is also due to the fact that Germany obtains most of its expensive raw materials from outside the EU.
The foreign trade balance of these so-called third countries therefore improved significantly: exports grew in January by 3.8 percent to 58.7 billion euros. The bill for imports, on the other hand, fell by 7.5 percent to 54.2 billion euros.
The USA was once again the most important destination for German exports. Exports increased by 3.1 percent to 12.7 billion euros. Exports to China also increased, albeit only slightly, by 1.4 percent to 7.7 billion euros. Most imports came from the People’s Republic of China in January 2023. They increased by six percent to 12.7 billion euros.
Germany also delivered goods of a higher value to Russia in January. Exports even rose sharply by 12.3 percent to one billion euros again. Compared to January 2022, i.e. before Russia invaded Ukraine, German exports were 60 percent lower. German imports from Russia fell again in January to December by 36.7 percent to 1.0 billion euros. This is also a consequence of tightened sanctions against oil and oil products from Russia.
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Germany’s export surplus rose surprisingly sharply in January to 16.7 billion euros, the highest level in two years.
The strong comeback primarily reflects the cheaper prices for Germany’s energy imports. But exports also picked up strongly.
As a result of the Ukraine war, Germany’s foreign trade surplus had almost completely disappeared in 2022. Now this dent seems to have been overcome.
Germany seems to be overcoming the deep dent in important foreign trade. In January, the export surplus rose to 16.7 billion euros – the highest value since February 2021.
The number is important because Germany’s prosperity has traditionally depended to a large extent on its foreign trade surplus. As a result of the Ukraine war and China’s economic weakness, this surplus had almost completely disappeared by 2022. An important factor here was the higher cost of importing gas, oil, coal and other raw materials. Now the numbers are spinning again.
In January, German exports increased by 2.1 percent compared to December. It has calendar effects Federal Statistical Office already calculated. Imports, on the other hand, fell by 3.4 percent. As a result, the export surplus rose to 16.7 billion euros. This was 6.7 billion euros more than in December and the highest surplus in two years.
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Compared to the same month last year, exports grew significantly faster at 8.6 percent than imports at 5.2 percent.
In total, German companies sold goods worth 130.6 billion euros to customers in other countries in January 2023. This was offset by imports worth 113.9 billion euros. Germany. Positive developments in prices are reflected in Germany. The prices of goods that Germany exports, such as cars, machines or chemical products, are currently developing better than the prices of goods that Germany imports, such as many raw materials. This exchange relationship, the terms of trade, are extremely important for Germany.
Germany foreign trade with China and Russia
In January 2023, Germany exported goods worth 71.9 billion euros to the countries of the European Union. This was offset by imports for 59.6 billion euros. Exports and imports increased almost simultaneously by around 0.6 percent. This is also due to the fact that Germany obtains most of its expensive raw materials from outside the EU.
The foreign trade balance of these so-called third countries therefore improved significantly: exports grew in January by 3.8 percent to 58.7 billion euros. The bill for imports, on the other hand, fell by 7.5 percent to 54.2 billion euros.
The USA was once again the most important destination for German exports. Exports increased by 3.1 percent to 12.7 billion euros. Exports to China also increased, albeit only slightly, by 1.4 percent to 7.7 billion euros. Most imports came from the People’s Republic of China in January 2023. They increased by six percent to 12.7 billion euros.
Germany also delivered goods of a higher value to Russia in January. Exports even rose sharply by 12.3 percent to one billion euros again. Compared to January 2022, i.e. before Russia invaded Ukraine, German exports were 60 percent lower. German imports from Russia fell again in January to December by 36.7 percent to 1.0 billion euros. This is also a consequence of tightened sanctions against oil and oil products from Russia.
read too