In November 2024, German exports increased by 2.1% compared to October of the same year, with exports amounting to 127.3 billion euros. In contrast, imports decreased by 3.3% compared to the same month, reaching 107.6 billion euros. Despite the increase in exports, the total value of exports in November 2024 was 3.5% lower than in the same month last year. Imports also decreased by 2.9% compared to November 2023.
Looking at the data from the German Federal Statistical Office, seasonal and calendar adjustments showed that the German foreign trade surplus in November 2024 amounted to 19.7 billion euros, a decrease compared to the surplus achieved in the previous month, which amounted to 13.4 billion euros, and the surplus in November 2023, which amounted to 21.1 billion euros.
Trade with EU countries
On a calendar and seasonal basis, Germany exported goods worth EUR 67.8 billion to EU countries in November 2024, while importing goods worth EUR 55.0 billion. Compared to October 2024, exports to EU countries decreased by 1.7%, while imports decreased by 4.4%. Of these exports, the value of goods exported to euro area countries amounted to EUR 46.9 billion, down 2.1%, while Germany imported goods from those countries worth EUR 36.0 billion, down 5.2%.
As for non-euro area EU countries, Germany exported goods worth EUR 20.8 billion, down 0.7%, while imports amounted to EUR 19.1 billion, down 2.7% compared to the previous month.
Germany’s trade data for November 2024 show that despite the challenges faced by some economic sectors, the German trade sector remains resilient and growing. German exports continue to achieve positive results in some key markets, and the trade surplus remains high. These indicators show that the German economy continues to adapt to global economic changes.
Trade with non-EU countries
In terms of trade with countries outside the EU (third countries), Germany’s exports in November 2024 amounted to EUR 59.5 billion, while it imported goods worth EUR 52.6 billion. Compared to October 2024, exports to third countries increased by 6.9%, while imports decreased by 2.1%.
Among the countries targeted by Germany’s exports in November 2024, the United States was the leader, with exports to it increasing by 14.5% to EUR 14.0 billion. In contrast, exports to the People’s Republic of China decreased by 4.2% to EUR 6.6 billion, while exports to the United Kingdom increased by 8.6% to EUR 7.2 billion.
In terms of imports, the People’s Republic of China was the main source of goods to Germany in November 2024, importing goods worth EUR 13.4 billion, down 3.1% compared to the previous month. Imports from the United States decreased by 3.7% to EUR 7.2 billion.
Exports and imports with Russia
In terms of trade with Russia, the data showed a significant increase in exports to Russia in November 2024, rising by 21.0% compared to October of the same year, to EUR 0.7 billion. Exports to Russia also showed an increase of 8.2% compared to November 2023, reflecting a slight recovery in light of current economic and political situation. On other hand, imports from Russia decreased by 24.1% compared to the previous month, reaching EUR 0.1 billion.
Unadjusted trade
Looking at figures not adjusted for calendar or seasonal adjustments, German exports amounted to EUR 131.4 billion, while imports totaled EUR 111.0 billion in November 2024. Compared to November 2023, exports decreased by 6.5%, while imports decreased by 5.2%. According to these figures, the unadjusted foreign trade surplus amounted to EUR 20.4 billion in November 2024, which is a decrease from the surplus of EUR 23.4 billion achieved in November 2023.
The effects of seasonal and calendar adjustments on German foreign trade
Seasonal and calendar adjustments play a major role in the analysis of economic data, including foreign trade, as these adjustments are used to remove seasonal effects and calendar variables that may distort the true picture of economic performance. In the case of German foreign trade, these adjustments significantly affect the interpretation of monthly and annual figures.
Seasonal adjustments
Seasonal adjustments refer to changes that occur regularly each year as a result of seasonal factors such as seasons, holidays, or annual events such as festivals or agricultural seasons. For example, German exports are expected to rise in the summer months due to high demand for certain goods, while exports may decline in the winter months due to reduced business activity.
When data are seasonally adjusted, these effects are removed to provide a more accurate picture of overall trends in trade. For example, preliminary figures may show that exports fell significantly in November, but after seasonal adjustment, this decline may be less severe than initially thought.
Calendar adjustments
Calendar adjustments take into account changes due to different days in different months, as well as changes in public holidays that may affect the productivity of the economy. Some months may have more working days than others, which can contribute to an increase or decrease in trade volume in those months.
In the case of German exports and imports in November 2024
Exports: After seasonal and calendar adjustment, exports increased by 2.1% compared to the previous month, reflecting an improvement in trade activity. However, this increase may be less affected by seasonal conditions or day fluctuations than the unadjusted figures.
Imports: Imports decreased by 3.3% compared to the previous month, which may reflect seasonal effects as imports may have decreased in November due to holidays or changes in domestic consumption.
