U.S. remains biggest destination for German exports for eighth year in a row

  • In Business
  • 2023-02-01 05:49:50Z
  • By Reuters

BERLIN (Reuters) - The United States remained the most important destination for German exports in 2022 for the eighth consecutive year.

Exports of goods reached a record 156 billion euros ($169.31 billion) last year, according to Reuters calculations based on preliminary data from the German statistics office.

German exports to the United States in 2022 were well above the previous record of 122 billion euros in 2021.

"The United States has been the most important export market for German companies since 2015," Melanie Vogelbach, managing director of international economic policy at the German Chamber of Commerce and Industry (DIHK), said on Wednesday.

German companies mainly supplied machinery, motor vehicles and automotive parts to the United States. German exporters have benefited from the robust growth of the U.S. economy in the second part of last year, as well as from the easing of supply chain bottlenecks, Vogelbach said.

By contrast, the significant depreciation of the euro against the dollar, which makes goods cheaper overseas, did little to stimulate export volumes, according to the Kiel Institute for the World Economy (IfW). This was because the currencies of competing exporting nations were also weak, said IfW's Klaus-Juergen Gern.

Both the IfW and the DIHK assume that the United States will remain the most important customer for German goods for the foreseeable future.

($1 = 0.9214 euro)

(Reporting by Rene Wagner; writing by Maria Martinez; editing by Jonathan Oatis)


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