German exports & imports decline in October 2023

05 Dec '23

3 min read

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Insights

In October 2023, German exports slightly declined by 0.2 per cent, and imports decreased by 1.2 per cent from September.
Compared to October 2022, there was a significant drop of 8.1 per cent in exports and 16.3 per cent in imports.
Despite these declines, Germany's trade surplus grew, reaching €18.1 billion, a notable increase from the previous year.

German exports in October 2023 experienced a marginal decline of 0.2 per cent, while imports saw a more significant drop of 1.2 per cent compared with September 2023, according to the Federal Statistical Office (Destatis). The data, adjusted for calendar and seasonal variations, also highlighted a substantial year-over-year (YoY) decrease, with exports and imports falling by 8.1 per cent and 16.3 per cent, respectively, compared to October 2022.

The total value of exported goods in October 2023 reached €126.4 billion, and imported goods amounted to €108.6 billion. This resulted in a foreign trade surplus of €17.8 billion for October, slightly up from September 2023's adjusted surplus of €16.7 billion and a significant increase from the €7.8 billion in October 2022.

Trade within the European Union (EU) showed a decline, with exports to EU member states totalling €67.9 billion and imports at €56.9 billion. Both figures represent a decrease from September 2023, with exports and imports dropping by 2.7 per cent and 2.8 per cent, respectively. Exports to euro area countries decreased by 1.9 per cent to €47.8 billion, and imports from these countries also fell by 1.9 per cent to €38 billion. Trade with EU countries outside the euro area saw a sharper decline, with exports and imports decreasing by 4.4 per cent and 4.6 per cent, respectively, as per Destatis.

In contrast, trade with non-EU countries (third countries) indicated a positive trend. Exports to these countries rose by 2.9 per cent to €58.5 billion, while imports increased by 0.8 per cent to €51.8 billion. The US was the top destination for German exports, which surged by 5.7 per cent to €13.5 billion. Exports to China and the UK also saw increases of 1.5 per cent and 5.6 per cent, respectively.

However, imports from China, the largest source of German imports, decreased by 2.4 per cent to €12.7 billion. Imports from the US and the UK showed mixed results, with a rise in imports from the US by 2.2 per cent and a substantial decline from the UK by 15.1 per cent.

Trade with Russia continued to decline, with exports decreasing by 5.0 per cent to €0.6 billion and imports increasing by 6.6 per cent to €0.2 billion. YoY, exports to Russia plummeted by 40.5 per cent, and imports were down by 88.5 per cent.

On a non-adjusted basis, Germany's exports in October 2023 were valued at €130.8 billion and imports at €112.7 billion, marking a decrease of 5.0 per cent in exports and 14.4 per cent in imports compared with October 2022. The unadjusted foreign trade balance showed a surplus of €18.1 billion, up from €6.1 billion in the same month last year.

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