Affected by the temporary closure of inter-state borders, logistics, supply chain interruption and other problems in the context of the epidemic, Germany’s total exports in 2020 was 1204.7 billion euros, a year-on-year decrease of 9.3%; the total annual imports were 102.56 billion euros, a year-on-year decrease of 7.1%.
This is the biggest decline in Germany’s imports and exports since the global financial crisis in 2009. At that time, Germany’s exports and imports decreased by 18.4% and 17.5% respectively compared with the previous year.
Analysts pointed out that the first wave of the outbreak in the spring of 2020 hit Germany’s export economy hard, causing the country’s exports, although they have recorded growth for eight consecutive months since April last year, but still failed to offset the previous negative impact.
However, the recovery is much better than expected. The German Wholesale and Foreign Trade Association predicts that German exports will recover strongly this year and will fully return to pre-coronavirus levels by the summer of 2022.
Preliminary data released by the Federal Statistical Office of Germany on the 9th local time show that after weekday and seasonal adjustments, Germany’s commodity exports rose 0.1% and 2.7% month-on-year in December 2020, respectively, to 1000.7 billion euros, recording an increase for the eighth consecutive month; the value of commodity imports in that month, month-on-month.
It fell 0.1% and rose 3.5% year-on-year to 85.9 billion euros. Compared with February 2020, before the implementation of epidemic prevention restrictions, Germany’s exports and imports also fell by 4.6% and 0.1% respectively in December last year.
Overall, Germany’s exports and imports to EU member states in December 2020 were 51.4 billion euros and 46 billion euros, respectively, an increase of 4.2% and 6.0% year-on-year; exports and imports to countries and regions outside the EU were 49.2 billion euros and 39.8 billion euros, respectively, an increase year-on-year. 1.1% and 0.8%.
According to the German Federal Statistical Office, in December 2020, Germany’s import and export situation with major trading partners continued to show positive signs of recovery.
Among them, Germany’s exports to China that month increased by 11.6% to 9.3 billion euros compared with the same period in 2019, and imports increased by 15.7% to 10 billion euros compared with the same period in 2019.
It is worth mentioning that many countries were still in the second round of epidemic blockade last December, but Germany’s trade situation with them is still warming up, which makes the outside world optimistic about the resilience of Germany’s export economy.