In December 2024, German exports increased significantly by 2.9% compared to November 2024. This increase, adjusted for calendar and seasonal effects, indicates an improvement in the performance of the German trade sector. According to the press release from the Federal Statistical Office (Destatis), goods worth 131.7 billion euros were exported, which represents an increase of 3.4% compared to the same month of the previous year.
In addition, imports showed an increase of 2.1% compared to November 2024, with goods worth 111.1 billion euros imported. Imports also increased by 4.5% compared to December 2023. Despite this increase in imports, the foreign trade balance recorded a surplus of 20.7 billion euros in December 2024. This reflects a positive balance in the German economy despite global challenges.
Compared to 2024
Over the course of 2024, exports decreased by 1.0% compared to 2023. However, this slight decrease is not surprising given the changing global economic conditions. Imports, on the other hand, decreased by 2.8% compared to the previous year, reflecting an improvement in Germany’s trade efficiency.
Trade details with the EU
In December 2024, goods worth EUR 72.4 billion were exported to EU countries, an increase of 5.9% compared to November 2024. Imports from these countries grew by 3.6% to EUR 57.0 billion. It is important to note that trade with euro area countries also grew, with goods worth EUR 50.6 billion exported, an increase of 6.7% compared to the previous month.
For non-euro area EU countries, goods worth EUR 21.8 billion were exported, an increase of 3.9%. Imports from these countries also increased by 2.9% to EUR 19.7 billion. This significant growth in trade with EU countries reflects the relative stability of trade relations between Germany and the countries of the region.
Trade with non-EU countries
Despite the improvement in trade with the EU, trade with non-EU countries registered a slight decrease. In December 2024, goods worth €59.3 billion were exported to non-EU countries, while goods worth €54.1 billion were imported. Compared to November 2024, exports to non-EU countries decreased by 0.5%, while imports increased by 0.5%.
Major trading partners
In terms of main export destinations, the United States was one of Germany’s largest trading partners in December 2024. However, exports to the United States decreased by 3.5% compared to the previous month, reaching €13.5 billion. In contrast, exports to the People’s Republic of China increased by 1.4% to €6.7 billion. Exports to the United Kingdom decreased by 6.6%, reaching €6.7 billion. In terms of imports, the People’s Republic of China was the largest source of goods to Germany in December 2024, importing goods worth EUR 13.4 billion. This figure decreased by 1.0% compared to November 2024, but remained strong. Imports from the United States increased by 3.0% to EUR 7.5 billion.
Trade relations with Russia
The trade relations between Germany and Russia have undergone significant changes in 2024, especially in December. While Germany previously counted Russia among its main trading partners, trade between the two countries has been significantly affected by economic and political challenges, including sanctions against Russia.
In December 2024, German exports to Russia decreased by 19.9% compared to the previous month (November 2024), after adjusting the figures for calendar and seasonal effects. Exports to Russia decreased by 17.1% compared to the same month the previous year (December 2023). This significant drop in exports reflects the challenges facing German companies in continuing trade cooperation with Russia due to the current geopolitical situation.
Foreign Trade in 2024
As for imports, Germany saw a slight increase in its imports from Russia in December 2024. Imports increased by 14.4% compared to November 2024, but compared to December 2023, imports decreased by 33.4%. This slight increase in imports may be related to price fluctuations in some of the goods that Germany imports from Russia, such as energy and metals, which continue to play an important role in trade between the two countries despite political tensions. These changes in trade with Russia reflect the effects of the geopolitical conflict and economic sanctions imposed on Russia, as well as the significant impact of commodity price fluctuations on the global market.
On a yearly basis, German exports decreased slightly by 1.0% compared to the previous year, reaching a total value of EUR 1,559.7 billion. Imports decreased by 2.8% to EUR 1,318.5 billion. Thus, Germany’s foreign trade balance recorded a surplus of EUR 241.2 billion in 2024, compared to a surplus of EUR 217.7 billion in 2023.
Overall assessment
Germany’s foreign trade results in December 2024 reflect a positive trend despite the global economic challenges. Despite a general decline in exports in 2024, the large trade surplus shows Germany’s ability to maintain a strong economic balance. Furthermore, the improvement in trade with the EU indicates the strength of trade ties within the region.
Germany continues to maintain its position as a major supporter of the European and global economy through its foreign trade. Despite the challenges it faced in 2024, the figures show a slight improvement in exports and imports in December 2024, with a large trade surplus. Global economic factors are expected to influence these figures in the future, but Germany is sufficiently resilient to face these challenges.
