In October 2024, German exports fell by 2.8% compared to September. Imports fell by 0.1% after adjusting for calendar and season. According to provisional data published by the Federal Statistical Office (Destatis), exports fell by the same percentage compared to October 2023, i.e. by 2.8%, while imports rose by 1.7%.
These data indicate that challenges continue to face German trade in the face of the volatile global economy. At the same time, the external trade balance in October 2024 recorded a surplus of EUR 13.4 billion. This surplus is an important indicator of Germany’s ability to maintain its economic stability despite the decline in exports.
The decline in exports reflects the effects of a number of factors, including a decline in demand in certain markets.
as well as challenges in global supply chains. However, the trade surplus remains stable, reflecting economic sustainability in the long term.
Germany is expected to continue to face economic challenges in the coming period, especially in light of international economic tensions. On the other hand, exports are expected to gradually improve if some of these obstacles are overcome.
Focusing on stimulating trade with foreign markets and developing trade relations will be central to maintaining this surplus in the future. German economic policies are also expected to take steps to support exports and achieve sustainable economic growth in the coming months.
After calendar and seasonal adjustment, Germany exported goods worth a total of EUR 124.6 billion and imported goods worth EUR 111.2 billion in October 2024. The foreign trade balance showed a surplus of EUR 13.4 billion in October 2024. The calendar and seasonally adjusted surplus amounted to EUR 16.9 billion in September 2024 and EUR 18.9 billion in October 2023
Trade with EU countries plays an important role in the German economy
In October 2024, Germany exported goods worth EUR 68.9 billion to EU countries.
while importing goods worth EUR 57.9 billion from these countries, according to calendar and seasonally adjusted data. Compared to September 2024, exports to EU countries decreased by 0.7%, while imports increased by 0.4%.
For the euro area countries, the total value of exported goods amounted to EUR 47.8 billion, recording a decrease of 0.7%. The value of imported goods from these countries amounted to EUR 38.0 billion.
with this indicator showing no significant change (-0.0%).
For the non-euro area EU countries, goods worth EUR 21.1 billion were exported, recording a decrease of 0.9%. The value of imported goods from these countries increased to EUR 19.9 billion, recording an increase of 1.1%. Trade with EU countries continues to play an important role in the German economy.
with trade partnerships with these countries remaining pivotal. However, current data reflect slight fluctuations in the movement of exports and imports.
which may reflect the economic challenges facing European markets.
In October 2024, German exports of goods to non-EU countries (third countries) totaled EUR 55.7 billion, while imports from these countries amounted to EUR 53.3 billion. Compared to September 2024, exports decreased by 5.3%, while imports decreased by 0.6%.
The data showed that most of the German exports in this month were to the United States. After seasonally and calendar adjustment, exports of goods to the United States decreased by 14.2% compared to September.
with a total export value of EUR 12.2 billion. In contrast, exports to China decreased by 3.8%, to EUR 6.9 billion, while exports to the United Kingdom increased by 2.1%, to EUR 6.5 billion.
German exports to Russia down 9.4%
In terms of imports, most of the imported goods came from China, with EUR 13.7 billion of Chinese goods imported, reflecting a decrease of 3.0% compared to the previous month. Imports from the USA decreased by 3.9% to EUR 7.4 billion. Imports from the UK increased by 1.4% to EUR 3.0 billion. In terms of trade relations with Russia, German exports to Russia decreased by 9.4% in October 2024 compared to September of the same year.
when exports amounted to EUR 0.6 billion.
Compared to October 2023, when exports to Russia were very low due to the war in Ukraine, exports decreased by 1.4%. On the other hand, imports from Russia increased by 27.4% to EUR 0.2 billion.
but this figure decreased by 21.9% compared to October 2023.
On an overall level, Germany exported goods worth EUR 132.6 billion in October 2024, while imports worth EUR 117.9 billion. Compared to October 2023, exports increased by 0.4%, while imports increased by 4.3%. The unadjusted foreign trade balance showed a surplus of EUR 14.7 billion in October 2024,.
Foreign trade continues to play a major role in the German economy. Despite the challenges facing the global economy, the trade surplus remains a positive indicator of Germany’s ability to maintain its economic stability.
The different comparative periods should be taken into account in all press releases on short-term indicators. The short-term economic monitoring focuses on comparisons of seasonally and calendar-adjusted figures with those of the previous month or quarter. These figures reflect short-term economic trends. Year-on-year comparisons of calendar-adjusted results allow for long-term comparisons of levels and are not affected by seasonal fluctuations or calendar effects. The results of monthly, quarterly and annual comparisons may differ significantly due to the Covid-19 crisis and the war in Ukraine.
