The German government is boasting about a recovery in exports because September and October showed plus figures in month-to-month statistics. Adjusted figures show that German exports are at the same level as 2024, i.e., stagnating.
In the January-September period in 2024, German exports totalled €1,175.5 billion, while in the same period this year, the total was €1,176.5 billion. Since prices have increased, de facto Germany exported less goods than in the previous year.
Therefore, the 0.1% (!) increase in October vs. September this year, reported by the Federal Statistical Office, does not change the picture, despite government propaganda.
German export stagnation is due to a drop of sales in U.S.A. and China, compensated by exports in the EU, mainly Italy, Poland, and Czech Republic, according to media reports. Keep in mind, both Poland and Czechia are not in the eurozone and, therefore, not legally bound to budget-balancing (read: austerity) measures. Their domestic market (export market for Germany) is not being depressed by EU-dictated measures. As for Italy, the country still enjoys the waiver offered by the “Next Generation EU,” the so-called Covid funds, whence Italy has borrowed over €200 billion.
