German exports of electronic goods up slightly at the start of the second half of 2024
Exports in the first seven months of 2024 were down compared to the previous year, but rose by 2.1% in July. This is according to figures from the German association ZVEI e.V., Frankfurt am Main.
Exports by the German electrical and digital industry rose in July 2024. Compared to the previous year, they increased by 2.1% to €19.8 billion. "While the negative performance of the sector’s deliveries abroad in the first half-year has now been slowed down in July, in the first seven months of this year taken together the aggregated exports were still on the decline, namely by 2.9% to €143.9 billion," says ZVEI (Electro and Digital Industry Association Germany) Chief Economist Dr. Andreas Gontermann.
In contrast to exports, no increase in imports of electrical and electronic goods into Germany was recorded in July. However, they did not fall further either, remaining at the previous year's level of €20.3 billion. In the first seven months of 2024, electrical equipment imports fell significantly by 7.9% to a cumulative value of €145.5 billion.
Electrical equipment exports to the eurozone fell by 2.9% year-on-year in July 2024 to €6.1 billion. From January to July 2024, industry’s exports to the euro area amounted to €47.7 billion, 6.6% down on the same period of the previous year.
The sector’s deliveries to countries outside the euro area performed comparatively better in July. They grew by 4.5% to €13.7 billion. Exports of electrical and electronic equipment to the United Kingdom (plus 12.3% to €849 million euros), the Czech Republic (plus 12.1% to €748 million) and South Korea (plus 10.2% to €297 million) rose particularly strong. In July, exports to Japan (minus 0.7% to €262 million), Switzerland (minus 1.3% to €655 million), Poland (minus 8.1 to €813 million), Turkey (minus 15.9% to €329 million) and Taiwan (minus 21.4% to €239 million) were reported. Overall, exports to third countries fell by 2.9% to 96.2 €billion between January and July 2024.
Caption: According to the German association ZVEI e.V., the negative trend in exports of electrical and electronic goods was halted in July 2024.
Source/Image source: ZVEI e.V.