Germany's economy faced a challenging 2024, marked by a decrease in exports and production as revealed by the Federal Statistical Office. Total exports were down 1.0% to 1.56 trillion, with imports dropping 2.8%. The BGA termed it a 'lost year' for trade, forecasting a further decline in 2025. Nonetheless, Germany achieved a record trade surplus of 71.4 billion with the US, its largest trading partner, heightening potential tensions due to President Trump's trade policies. The automobile and metal industries struggled, compounded by a 2.4% decrease in industrial production by December 2024.
Germany's economy experienced a downturn in 2024, marked by a 1.0% decrease in exports, significant drops in imports, and declining industrial production.
Despite the challenges, Germany recorded a trade surplus with the US, amounting to 71.4 billion in 2024, raising concerns about potential US tariff retaliations.
The BGA labeled 2024 as a 'lost year' for German foreign trade, with projections indicating a further decline of 2.7% in the coming year.
Germany's automobile and metal industries displayed faltering growth, indicating structural issues within the economy, exacerbated by a 2.4% drop in industrial production in December.
Collection
[
|
...
]