ZVEI – Decline in German electrical exports continues

• Industry exports fall by eight percent in June
• Deliveries to China up in the first half of the year

Exports from the German electrical and digital industry fell 7.8 percent short of the previous year’s figure in June 2024. Overall, exports here reached a value of 19.6 billion euros. 

“The decline was to be expected, as the industry’s incoming orders, production and sales also declined in the same month,” said ZVEI chief economist Dr. Andreas Gontermann.

In the first half of 2024, aggregate industry exports amounted to 123.3 billion euros. Compared to the same period last year, this represents a decrease of 3.7 percent.

Imports of electrical and electronic products to Germany have also fallen. In June 2024, they totaled 19.2 billion euros, a drop of 14.4 percent compared to the previous year. In the first six months of this year, imports fell by 9.1 percent to 124.2 billion euros. Accordingly, the deficit in Germany’s electrical foreign trade balance shrank to less than one billion euros in the first half of the year. 

“If the relatively weaker development of imports continues in the second half of the year, there could be an export surplus at the end of 2024 for the first time in two years,” said Gontermann.

Largest buyer countries in the first half of the year: China as a bright spot

“Electrical exports to China were a bright spot in the first half of the year,” said Gontermann. “They increased by 5.7 percent to 13.2 billion euros compared to the previous year. The People’s Republic thus remained the largest single buyer country for the German electrical and digital industry. In June alone, however, exports to China also fell by 4.1 percent to 2.1 billion euros.”

The USA, France, the Netherlands and Italy took second to fifth place in the buyer rankings in the first six months. However, declines were reported in each of these countries. For example, deliveries to the USA fell both in June (-5.4% to €2.0 billion) and from January to June (-0.7% to €12.4 billion). Exports to France fell by double digits in June by 10.5 percent to €1.2 billion and in the first half of the year by 5.0 percent to €7.3 billion. The Netherlands, in fourth place, also saw fewer deliveries in June (-7.0% to €1.2 billion) and from January to June (-8.4% to €7.1 billion). Finally, exports to Italy fell significantly in June by 15.8 percent to €876 million and in the first six months by 12.5 percent to €5.3 billion.