Fewer electrical and electronic exports from Germany
Exports of the German electrical and digital industry in June 2024 were 7.8% below the previous year’s level. This is according to figures from the ZVEI e.V. association, Frankfurt am Main, Germany.
Overall, exports reached a value of €19.6 billion. "The decline was to be expected, as new orders, production and sales in the industry also fell in the same month," said ZVEI Chief Economist Dr Andreas Gontermann.
In the first half of the year as a whole, aggregated industry exports totalled €123.3 billion. Compared to the same period last year, this represents a decline of 3.7%.
Imports of electrical and electronic equipment into Germany have also fallen. They totalled €19.2 billion in June 2024, 14.4% down on the previous year. In the first six months of this year, imports fell by 9.1% to €124.2 billion. This means that Germany's trade deficit in electrical and electronic equipment shrank to less than one billion euros in the first half of the year. If the relatively weaker trend in imports continues in the second half of the year, there could be an export surplus at the end of 2024 for the first time in two years,' says Gontermann.
Biggest buyers in the first half of the year: bright spot China
Exports of electrical equipment to China were a bright spot in the first half of the year,' said Gontermann. They increased by 5.7% to €13.2 billion compared to last year. The People's Republic thus remained the largest single customer for the German electrical and electronic industry. In June alone, however, exports to China fell by 4.1% to €2.1 billion.
The USA, France, the Netherlands and Italy took second to fifth place in the customer ranking in the first six months. However, declines were recorded in each of these countries. Shipments to the USA fell both in June (- 5.4% to €2.0 billion) and from January to June (- 0.7% to €12.4 billion). Exports to France fell by a double-digit 10.5% to €1.2 billion in June and by 5.0% to €7.3 billion in the first half of the year. Exports to the Netherlands, in fourth place, also fell, both in June (-7.0% to €1.2 billion) and in the January-June period (-8.4% to €7.1 billion). Finally, exports to Italy fell by 15.8% to €876 million in June and by 12.5% to €5.3 billion in the first six months.
Source: ZVEI e.V.
Caption: In the first half of the year as a whole, aggregated industry exports of electrical goods from Germany totalled €123.3 billion. (Image source: Imago)