"Geopolitical risks, recurring turbulence on the financial markets, continuing high inflation rates and the loss of purchasing power, as well as increased interest rates, are causing great uncertainty in the foreign business of German companies." (1 euro = 1.10 U.S. "The weakening global economy is noticeably gnawing away at German exports," DIHK head of foreign trade Volker Treier warned. Keep in mind that households can only do two. In response to the export figures as well as "restrained expectations" of internationally active German companies, the Association of German Chambers of Industry and Commerce (DIHK) downgraded its forecast for the current year, expecting exports to grow by only 1 percent in 2023. These numbers dwarf the U.S.’s 17 and U.K.’s 15 savings rates. Between January and March, goods with a total value of 398.2 billion euros were shipped abroad, a year-on-year increase of 7.4 percent. About Press Copyright Contact us Creators Advertise Developers Terms Privacy Policy & Safety How YouTube works Test new features NFL Sunday Ticket Press Copyright. German imports from China, the country's most important import partner, stood at 12.6 billion euros in March, a decline of 7.2 percent month-on-month, according to the provisional figures.ĭespite the downturn, German exports closed the first quarter with a plus. population spent the wealth saved during the COVID-19 pandemic, people are starting to save more again due to inflation and are thus spending less on consumer products from overseas." There were "highly negative trends" observable in the United States, Jandura said. Managing and Supporting Channel Partners in the German market is the fourth installment of Market Watch Germany webinar series. in March dropped by 10.9 percent to a value of 12.5 billion euros (13.8 billion U.S. ![]() The United States remained the biggest export market for Europe's largest economy. "The negative import figures are the late effects of the strong dollar in the autumn and the resulting subdued orders." "The declining figures are related to the strong start to the year," Dirk Jandura, president of the Federation of German Wholesale, Foreign Trade and Services (BGA), said on Thursday. Frankfurt Stock Exchange: Quotes, Charts and News Home News Know-how First steps Please wait. BERLIN, May 4 (Xinhua) - German exports in March were down 5.2 percent on the previous month, while imports even declined by 6.4 percent, according to provisional figures published by the Federal Statistical Office (Destatis) on Thursday.
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