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German Trade Balance Recovers to Pre-Pandemic Levels

Germany's trade surplus soared to EUR 209.4 billion in 2023, driven by a significant 10% decrease in imports, which offset a 2% drop in exports.

In line with this overall enhancement in the trade balance, Germany's deficit with China also saw a reduction. However, at EUR 58.4 billion, it remains the largest deficit Germany has with any single trading partner, as reported by the German statistics office.

Our Take: The trade balance has returned to pre-pandemic levels, reinforcing Germany's status as an export powerhouse. This is likely to positively influence the overall trade balance of the Euro Area and support the strength of the Euro. However, it remains to be seen if Germany can maintain such high surpluses, especially in a context where more German companies are considering production in China.


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