German exports increase again in December, strong increases in 2021

BERLIN (AP) — German exports rose for the third straight month in December, capping a year in which they rose 14% from 2020, official figures showed Wednesday.

The Federal Statistical Office said exports from Germany, Europe’s largest economy, rose 0.9% in December from the previous month. This followed gains of 1.8% in November and 3.9% in October.

Imports rose 5.7% in December, their fifth consecutive monthly increase.

For 2021 as a whole, exports rose 14% to some 1.38 trillion euros ($1.57 trillion), the statistics office said. Imports rose 17.1% to more than 1.2 trillion euros ($1.37 trillion).

The United States remained the top destination for German exports, followed by China and France. China was the main source of imports to Germany, followed by the Netherlands and the United States

Trade with Britain was a notable exception to the upward trend of the first year after the UK left the European Union’s single market and customs union. Exports to the UK fell by 2.6% in 2021 and imports fell by 8.5%.

The third consecutive monthly increase in December suggests that “Germany’s export sector has kept the wider economy from contracting more than the 0.7% quarter-on-quarter recorded in the last quarter of the year”, the official said. ING economist Carsten Brzeski in a research note.

“The weak euro exchange rate and few social restrictions in major export destinations appear to have boosted export growth,” he said.

Looking ahead, export order books are still full, but “first we will have to see industrial production recover before exports also take off,” Brzeski added.

Comments are closed.