Germany's exports up 2.1% in November, down 1.4% YTD

Germany’s exports grew by 2.1% month-over-month in November 2024, reaching EUR 127.3 billion, slightly exceeding market expectations of a 2.0% increase.

Germany's exports up 2.1% in November, down 1.4% YTD

This marked a recovery from an upwardly revised 2.9% decline in the previous month, representing the first rise in outbound shipments in three months. Exports to third countries saw a significant boost, rising by 6.9%, driven by higher sales to the US (up 14.5%), Russia (up 21.0%), and the UK (up 7.2%). However, exports to China saw a decline of 4.2%. In contrast, sales to the European Union (EU) contracted by 1.7%, with shipments to the Euro area dropping by 2.1% and those to the non-Euro area declining by 0.7%.

Germany's exports fall 1.4% to EUR 1.4 trillion in 2024 YTD

For the first eleven months of 2024, Germany’s total exports amounted to EUR 1.4 trillion, reflecting a 1.4% decrease compared to the same period in 2023.