International commerce or export-import activities - Southwest region experiencing reduced export activity.
The ongoing financial crisis is taking a toll on the export sector of companies in Baden-Württemberg. Early figures indicate a 3.7% drop in exports, amounting to 125.1 billion euros, in the first half of the year, as reported by the Statistical Office in Fellbach.
Notably, the automotive, machinery, and pharmaceutical industries have experienced a decline in demand for their goods. The drop in imports between January and June 2024 was significantly higher than the export decline, at 7.5%.
The majority of exports during this period were still destined for the USA. Despite a decrease compared to the previous year, the USA remained the primary export market for Baden-Württemberg, with a decrease of only 50.6 million euros to 19.2 billion euros. Overall, the southwest saw a decrease in exports to six out of the top ten most significant export destinations compared to the previous year.
Exports to Italy took the hardest hit. Compared to the corresponding period of the previous year, exports to Italy fell by over 2 billion euros to 6.3 billion euros (a decrease of 24.2%). The significant decrease in drug exports was the primary cause of this, according to analysts.
The southwest economy also suffered significant losses in trade with China. Exports to China decreased by 15.7% to 8.4 billion euros, resulting in China falling three places to fifth position in the ranking of the most important export destinations.
The Statistical Office, located in Fellbach, is the source of the reported export drop in Baden-Württemberg. Despite a decrease, Fellbach still serves as a significant location for data collection in the region.
The significant decline in exports to Italy, impacting Baden-Württemberg, was predominantly due to a reduction in drug exports, as stated by analysts based in Fellbach.
