German exports are growing strongly - but financial experts still see no relief

German exports are growing strongly - but financial experts still see no relief

How www.n-tv.de reported that German exports recorded surprisingly strong growth in November compared to the previous month. This growth is the largest since February 2022 and signals a positive trend for foreign business. Trade with customers in the EU in particular contributed to this increase.

This unexpected growth shows that the export-dependent German industry is sending a sign of hope despite the gloomy economic situation. Foreign business grew by 3.7 percent to 131.2 billion euros in November. Imports also rose by 1.9 percent to 110.8 billion euros.

Economists are nevertheless pessimistic for the following year and attribute the challenges to the weak global economy, high interest rates and excessive bureaucracy. Jörg Krämer from Commerzbank predicts that the German economy will contract by 0.3 percent in 2024. Thomas Gitzel of VP Bank expressed similar concerns and expects growth in 2024 to disappoint.

Overall, the external economic environment remains weak and it is emphasized that price competitiveness must be regained. Politics is seen as required to provide support in this regard.

This unexpected growth in German exports shows a temporary improvement amid global economic challenges. However, the ongoing weak global economy could have long-term negative effects on export-dependent German industry and lead to overall disappointing growth in 2024. Political and economic decision-makers must work together to strengthen competitiveness and ensure the long-term stability of the German economy.