According to the Federal Statistical Office, German merchandise exports fell by 6.3% in December 2022 compared to the previous month. This decline was just below the expected 3.3% drop forecasted by analysts.
In addition, German imports saw a 6.1% decrease from the previous month, which was only 0.8% lower than the expected decline by analysts.
Despite the dip in exports and imports, Germany’s overall exports in 2022 were up by 14.3% compared to the previous year after calendar and seasonal adjustments. On the other hand, imports experienced a 24.3% surge, primarily due to rising energy prices caused by the ongoing conflict in Ukraine.
The decline in exports can be attributed to the high inflation and market uncertainty that continues to affect the German economy, though the supply chain problems are gradually diminishing.