Emmanuel Thomas I Tuesday, July 18, 2023
BERLIN – Exports by the German electrical and digital industry continued to grow in May to €20.3 billion ($22.8 billion), about 6.1% higher than in the year before. Industry association ZVEI reported the new figures on Monday in Frankfurt.
Real growth was only moderate, however, given that inflation remains high at around 4.8%.
Export growth figures for the sector have slowed compared to the beginning of the year. ZVEI said factors for the slowdown included weaker orders from Chinese customers.
Exports by the sector to China, Germany’s largest trading partner, fell by 0.6% in May to €2.2 billion. Sales to customers in the United States fared better, rising 3.9% compared with May 2022.
Over the first five months of the year, Germany’s electrical industry has reached an export volume of €105.2 billion, a 9.7% increase over the previous year.
Imports in the sector to Germany grew even more strongly, increasing by 12.8% to €112.7 billion.