German exports saw a decline of 1.7% month-on-month and a slight decrease of 0.2% year-on-year in September 2024, according to data from the Federal Statistical Office, known as Destatis. While exports dipped, imports experienced a 2.1% rise month-on-month, reflecting a dynamic shift in Germany’s trade landscape.
In September, Germany exported goods totaling €128.2 billion while importing €111.3 billion, resulting in a trade surplus of €17 billion. Notably, the majority of German exports during this period were directed toward the United States, marking a significant trading relationship.
The figures, when adjusted for seasonal and calendar fluctuations, indicated a month-on-month drop of 1.8% in exports within the European Union. Specifically, exports to EU countries amounted to €69.4 billion, while imports from the EU were valued at €57.8 billion. Within the Eurozone, Germany exported goods worth €48.1 billion—a decrease of 2.4%—and imported €38.1 billion—an increase of 2.2%.
When looking at the performance of various markets, September saw Germany export €21.3 billion to EU countries outside the euro area, reflecting a slight drop of 0.3% month-on-month. In contrast, imports from these nations rose by 0.5%, totaling €19.7 billion.
The month was also noteworthy in terms of trade with non-EU countries, with exports to these third countries falling by 1.6% to €58.8 billion, while imports surged by 2.6% to €53.5 billion.
A closer examination reveals that Germany’s exports to the US increased by 4.8% month-on-month, reaching €14.2 billion in September. However, there were notable declines in exports to China and the United Kingdom, with decreases of 3.7% and 4.9%, respectively.
On the import side, Germany’s largest supplier was China, contributing €14.1 billion—a 5.6% increase. In contrast, imports from the US and the UK saw slight declines of 0.3% and 0.6%, respectively.
Interestingly, Germany’s exchanges with Russia showed a different trend; exports rose by 3.6% month-on-month to €0.6 billion, while imports from Russia surged by 20.1% month-on-month but saw a significant year-on-year decline of 34.4%.
Overall, the trade data from September illustrates a mixed bag for Germany’s economy, highlighting the complexities and evolving nature of global trade under current economic conditions.
