Germany’s imports and exports both increased year-on-year in 2022 amid the energy crisis and high inflation, according to preliminary figures published by the Federal Statistical Office (Destatis).
Exports of Europe’s largest economy rose by 14.3 per cent year-on-year to 1.56 trillion euros, while imports jumped 24.3 per cent to a value of 1.49 trillion euros, Xinhua news agency reported citing Destatis as saying.
The increases were “largely based on price effects”, the German Chamber of Industry and Commerce (DIHK) said while commenting on the figures.
As with inflation, the development was mostly driven by soaring energy prices.
Last year’s export balance “turns out to be less good than it seems”, Tanja Goenner, chief executive of the Federation of German Industries (BDI), said.
Germany’s once sizable export surplus more than halved year-on-year to less than 80 billion euros in 2022.
According to Destatis, this was the lowest figure since 2000 and the fifth decline in succession.
The country’s foreign trade started to show signs of weakening in the second half of last year.
In December 2022, both exports and imports fell by more than 6 per cent compared to the previous month, according to the latest figures.