Germany’s exports fell more than expected in December, impacted by high inflation and uncertainties in the market that continued to pressure Europe’s biggest economy, although supply chain problems eased.
Exports dropped by 6.3% last month, according to data from the federal statistics office, while the Reuters poll forecast a decline of 3.3%. Imports dropped by 6.1%, while it had been predicted to drop by 0.8%.
All year round in 2022, exports ramped up by 14.3% from last year. Imports largely increased by 24.3%, boosted by increased energy prices caused by Ukraine’s war. This resulted in Germany’s export surplus falling for the fifth consecutive year in 2022, as reported by the statistics office.
December 2022, most exports of Germany went to the U.S. and most imports came from China with 13.5 billion euros worth of goods.