The electrical and digital industry saw a decrease in exports compared to the year before.
Germany's electrical and digital sector exported a lower amount in March compared to the previous year, recording a decrease of 10.5%. The ZVEI industry association in Frankfurt announced this news on Wednesday. During the first quarter, exports amounted to a total of 62.3 billion euros, which was 4.3% lower than the exports during the same time last year.
Imports also experienced a steep decline, reaching 19.6 billion euros in March - 13.9% lower than the previous year's imported amount for the same month. Interestingly, in the first quarter, exports surpassed imports for the first time in a year.
Among the ten major importers of German industrial goods, just China and Spain surpassed their imports from the previous year with 6.7 billion euros (+7.4%) and 6.1 billion euros (+2.8%) respectively. China remained as the top buyer, with China's imports worth 6.7 billion euros, followed by the US with 6.1 billion euros.
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In the electrical and digital industry, the decrease in exports was observed not just in March but also continued throughout the entire year, leading to a significant overall decline. Looking ahead, analysts predict a potential Digital Transformation investment surge in the upcoming Electrical and Digital Industry Year.
Source: www.ntv.de
