Germany expects export problems in 2023

The hopes of German exporters for the next year are not rosy: they expect problems for key customers in China due to the increase in the incidence of COVID, as well as the caution of buyers in the United States amid high inflation. This was announced today by representatives of the Federation of German Wholesale, Foreign Trade and Services (BGA).

Since the United States and China are Germany's most important trading partners, any problems in these countries will inevitably hit the volume of exports. Analysts, however, do not expect a strong decline in indicators, but they also do not expect growth. 

«Success can be considered a zero in real terms,» said Dirk Yandura, president of the BGA.

Earlier in December, Beijing began to soften the zero tolerance policy for COVID, but the increase in cases of the disease continues. Analysts predict that the Chinese economy will recover sharply next year, but this is unlikely to happen in the coming weeks, due to an increase in morbidity.

Germany is also concerned about the situation in the United States. According to Yandura, in the US, where interest rates have been raised higher than in the eurozone, they are already having a negative impact, especially in the construction sector.

The official also noted that in recent months German exporters could not fully fulfill all orders due to a shortage of supplies. As a result, they have a good backlog of orders, and the expected easing of supply chain problems will allow them to catch up. Last year, exports from Germany increased by 14%, and imports to it – by 17%, as a result of which the country's trade surplus decreased for the fifth year in a row.