Decline in German exports in the first half of 2024

The Federal Statistical Office published the German export figures for the first half of 2024 today and found a significant decline compared to the same period last year.

Wiesbaden, August 19, 2024 - German exports fell by 1.6% to 801.7 billion euros in the first half of 2024 compared to the same period in the previous year. At the same time, imports fell by 6.2% to 662.8 billion euros. Despite the decline in trade figures, Germany was able to significantly increase its export surplus: it amounted to 138.8 billion euros, which corresponds to an increase of 28.7% compared to the first half of 2023.

Export goods: motor vehicles and machinery in the lead

Germany's most important export goods remained motor vehicles and motor vehicle parts. They were exported with a value of 135.3 billion euros, which corresponds to a decline of 2.4%. Machinery followed in second place with an export volume of 109.6 billion euros, which also represents a decline of 4.4%. The situation was similar for chemical products: These fell by 4.4% to 71.8 billion euros.

On the import side, motor vehicles and motor vehicle parts topped the list of the most important product groups, with a value of 73.0 billion euros (-4.2%). Data processing equipment such as computers and electronics followed with 64.3 billion euros and a drop of 9.8%.

Export surpluses: Positive balance despite weaker trade

Germany achieved the largest export surplus in trade with motor vehicles (62.3 billion euros) and machinery (59.7 billion euros). Conversely, there were considerable import surpluses for crude oil, natural gas and agricultural products.

Most important trading partners: USA as top customer

Most German exports went to the USA (80.7 billion euros), followed by France (62.4 billion euros) and the Netherlands (57.6 billion euros). In terms of imports, China ranked first with 73.5 billion euros, followed by the Netherlands and the USA.