Germany, long hailed as the European Industrial Locomotive, experienced difficult times in 2023 regarding its overall economic performance and...foreign tradeMore significantly, Germanys foreign trade also performed poorly last year, with an annual contraction of 1.4% to a total of 1562 billion euros. In the last month of 2023, Germanys exports further contracted by 4.6% to 125.3 billion euros. Over the same period, Germanys imports also declined significantly, falling by 6.7% in December compared with November, and by as much as 12.4% compared with December 2022, dropping to 103.1 billion euros. For the whole year, Germanys imports decreased by 9.7% to a total of 1325 billion euros.

Despite the contraction in foreign trade, Germany still maintained a trade surplus in 2023, with an annual surplus of 209.6 billion euros and a surplus of 22.2 billion euros in December. This data partly reflects the resilience of the German economy. Despite facing many challenges, Germanys foreign trade still maintained a certain surplus.

Looking at Germanys export sectors, in December 2023, the total value of products and services exported by Germany to EU member states was 67.5 billion euros, a year - on - year decrease of 5.5%; the total value of imports from the EU was 54.3 billion euros, a year - on - year decrease of 7.4%. Germanys exports to third - party countries were 57.8 billion euros, a decrease of 3.5% compared with November, and imports fell to 48.8 billion euros, a decrease of 5.9% compared with the previous month.

It is worth noting that the United States remains the main destination market for Made in Germany products and services. In December 2023, Germanys exports to the United States were 12.7 billion euros, a 5.5% decrease compared with November 2023. At the same time, Germanys exports to China and the UK also declined, reaching 7.5 billion euros and 7.4 billion euros respectively, with year - on - year decreases of 7.9% and 4.3% respectively.

Notably, the US remains the primary destination for Made in Germany products/services. In December 2023, German exports to the US totaled €12.7 billion, down 5.5% from November. Exports to China and the UK also declined to €7.5 billion and €7.4 billion respectively, falling 7.9% and 4.3% year-on-year.

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