Exports to Germany are a disappointment
2022.12.02 03:55
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Exports to Germany are a disappointment
Budrigannews.com – According to official data published on Friday, German exports fell more than expected due to high inflation and supply problems affecting the demand of key partners, and this further increases the risk of recession of the largest European economy.
The trading volume for the month decreased by 0.6, which is twice the expectations of experts in a Reuters study, according to the Government Measurement Department.
With a decrease of 3.9%, the United States became Germany’s largest export partner, while exports from other European Union member states decreased by 2.4%. After the fall in imports on October 3, the trade balance increased by 6.9 billion euros and 7.3 billion dollars. Imports were expected to decline by 0.4%.
The Statistical Office offers a more detailed table containing additional economic data. According to Andreas Scherle, an economist at Decabank, “not only the German consumer, but also the export industry are experiencing more difficult times,” adding that the global market has cooled due to an increase in the rate and oil prices.
According to the German Chamber of Commerce DIJAK, in the near year, German exports may decrease by 2 percent due to the sluggish global economy, according to the German Chambers of Commerce DIJAK. Almost half of German companies selling products abroad are waiting for an economic downturn.
The German manufacturing conglomerate Tihsenkrupp warned of an expected crisis in Europe, which will exacerbate high inflation and energy costs, which will provoke a “sharp drop” in sales and revenue next year.
However, the German economy grew slightly more in the third quarter than before, as evidenced by data published last week, according to which it was assumed that the upcoming recessions may not be as serious as previously assumed.
Germany’s almost full gas supply has increased concerns about a possible redistribution of industry, and growth of 0.4% in the last quarter indicated a more moderate decline than many financial experts had previously expected.
According to a survey published on Thursday in Germany, German manufacturing reported a steady decline in demand for November.
However, the decline in economic growth slowed down because signs of a decline in the consumption of materials fueled the hope that the pressure on prices could also decrease.
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