German exports plummeted in December, data from the statistical office showed on Thursday, reflecting weaker foreign demand during a period of high energy prices and increased borrowing costs.
Exports fell by 6.3 percent in December compared to November, while imports decreased by 6.1 percent, reported Destatis.
Throughout 2022, exports surged by 14.3 percent, but imports recorded an even stronger growth of 24.3 percent, driven by rising energy prices influenced by the war in Ukraine and Western sanctions on Russia.
As a result, the surplus in trade with the world was again reduced last year, for the fifth consecutive year, emphasized Destatis.
In December, the surplus was 8.3 percent lower than in November, sliding to 10 billion euros. Compared to December 2021, it increased by 58.7 percent.
The main destination for German exports in December 2022 was the United States, although its value was 10 percent lower than in November, sliding to 12.3 billion euros. Imports from the U.S. decreased by 7.3 percent to 7.7 billion euros.
Germany imported the most goods from China in December, valued at 13.5 billion euros, which is 14 percent less than in the previous month. German exports to China also decreased by the same percentage, sliding to 7.6 billion euros.
Exports to Russia decreased in December by 16.7 percent compared to November, to 900 million euros. Imports remained at the November level, amounting to 1.6 billion euros.
At the end of last year, Germany also exported less to other EU member states, down four percent compared to November, with an export value of 70.9 billion euros. German imports from the rest of the EU also decreased by 4.8 percent to 58.7 billion euros.
