Exports of Germany's electrical industry continue to decline in August

BERLIN, Oct. 21 (Xinhua) -- Exports of Germany's electrical industry in August fell by 7.7 percent year-on-year to 15.4 billion euros (18.2 billion U.S. dollars), the German Electrical and Electronic Manufacturers' Association (ZVEI) announced on Wednesday.

In July, exports of the German electrical industry were already 6.7 percent below the previous year's level, according to ZVEI.

"This latest decline was higher than in the previous two months, although this is probably also due to the fact that many of this year's company vacations have been postponed until August," said ZVEI chief economist Andreas Gontermann.

In the euro zone, exports by Germany's electrical industry declined significantly by almost 10 percent with neighboring countries such as Belgium and France, according to ZVEI. German exports to Slovakia, on the other hand, recorded "strong growth" of almost 13 percent.

Business with countries outside the euro zone suffered the most. German exports of electrical equipment to the United States dropped by 16 percent while exports to Japan even plummeted by 24 percent, according to ZVEI.

Exports to China achieved a slight increase of 1 percent to 1.9 billion euros in August, according to ZVEI. In 2019, China had already been the top customer country for Germany's electrical industry with exports worth 21.9 billion euros.

"Among the exports to the 10 largest customer countries of the German electrical industry, deliveries to China were the only ones to increase in August," said Gontermann.

Imports of electrical products from China to Germany even increased by 11 percent year-on-year to 4.4 billion in August, according to ZVEI.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Did you find this article insightful?


Next In World

Kuwaitis go to polls as economy poses challenge for new emir
U.S. government ordered to reinstate protections for 'Dreamers'
UK Maritime Trade Operations says aware of attack on vessel off Yemen coast
Canada's COVID-19 cases surpass 400,000
Trump campaign files election lawsuit in Georgia, suffers more legal defeats
Roundup: "Keep soil alive" -- FAO calls for action to preserve soil biodiversity
U.S. Arkansas reports record high daily COVID-19 cases
U.S.-listed Chinese firms trade mostly lower
U.S. stocks rise despite disappointing jobs data
Number of active U.S. drilling rigs increases this week

Stories You'll Enjoy