ZVEI – German electrical exports have recently increased again

In April 2024, the German electrical and digital industry recorded an export increase of 7.0 percent year-on-year to 20.3 billion euros. 

“After several declines since the second half of 2023, the industry’s exports have recently increased again,” said ZVEI chief economist Dr. Andreas Gontermann. “Foreign deliveries are likely to have benefited not least from three additional working days compared to April 2023.”

In the first four months of this year, cumulative industry exports in terms of value totaled 83.4 billion euros, which was just below the corresponding level of the previous year at minus 1.7 percent.

Imports of electrical and electronic products to Germany remained unchanged at 20.5 billion euros in April – again compared to the previous year. From January to April 2024 inclusive, they totaled 83.9 billion euros, which corresponds to a decrease of 7.4 percent.

“The bottom line is that the electrical goods foreign trade balance has been almost balanced so far this year,” said Gontermann.

Industry exports to the eurozone fell by 3.2 percent year-on-year to 6.4 billion euros in April 2024. Across Europe, however, there was a slight increase of 0.6 percent to 12.1 billion euros.

With an increase of 17.3 percent to 788 million euros, exports to the United Kingdom in particular increased sharply in April 2024. There were also positive developments in deliveries to Hungary (+ 11.2% to €681 million), Switzerland (+ 5.8% to €640 million) and Turkey (+ 1.6% to €306 million).

Exports to the Czech Republic (-0.2% to €806 million), Spain (-0.4% to €682 million), France (-1.8% to €1.2 billion), Italy (-3.5% to €863 million) and Poland (-3.6% to €894 million) declined. Significant declines were reported in April for exports to Austria (-10.0% to €805 million) and the Netherlands (-10.6% to €1.2 billion).

In the first four months taken together, industry deliveries to Europe fell by 4.4 percent to 52.0 billion. Exports to the eurozone fell by 5.5 percent to 27.8 billion euros in the same period.

In April 2024, the German electrical and digital industry delivered goods worth 8.2 billion euros to countries outside Europe – a significant increase of 18.2 percent compared to the previous year.

Industry deliveries to Malaysia recorded high growth here, increasing by 73.5 percent to 346 million euros.

 “At the same time, the positive trend in exports to China from the first quarter continued in April,” said Gontermann. 

At 2.3 billion euros, electrical exports to the largest buyer country in the most recent reporting month were a quarter (or 24.8%) higher than in April 2023. Exports to India (+ 19.9% ​​to €249 million), South Korea (+ 18.8% to €313 million), the USA (+ 14.6% to €2.2 billion), Hong Kong (+ 13.5% to €168 million), Brazil (+ 11.4% to €159 million) and Mexico (+ 7.2% to €285 million) also increased significantly.

In contrast, exports to Japan (-0.8% to €247 million) and Taiwan (-2.2% to €269 million) fell slightly in April. Exports to Singapore (-12.2% to €148 million) fell more sharply.

Cumulatively from January to April, electrical exports to non-European countries amounted to 31.4 billion euros, 2.9 percent above the previous year’s level.