At the beginning of the year, German exports remained on course for recovery despite signs of a slowdown. Goods worth 116.9 billion euros were shipped abroad in January. That was 7.5 percent more than a year earlier, as the Federal Statistical Office announced on Friday. Imports rose by 22.1 percent to 107.5 billion euros. However, compared to the previous month, calendar and seasonally adjusted exports fell by 2.8 percent and imports by 4.2 percent.
According to estimates by the German economy, Russia’s war against Ukraine and the associated sanctions are likely to slow down growth this year. The German Chamber of Industry and Commerce has already cut its export forecast. In his view, the previously forecast export growth of six percent for 2022 can no longer be achieved. Already before the war there were worldwide supply problems and bottlenecks, which have now been intensified. In addition, the western sanctions against Russia, which are supported by the German economy, also burden German companies.
Last year, Germany’s exporters more than made up for the slump in the Corona crisis with a record result. (dpa)