Industry - The shrinkage of the electro industry exports
The German electro- and digital industry is suffering from weak foreign demand. In May, exports shrank by 7.6 percent to 18.7 billion Euro, as the industry association ZVEI in Frankfurt announced. "The latest new delivery delay, following a temporary increase in April, means that the recovery in electro-exports is further postponed," said ZVEI chief economist Andreas Gontermann. From January to May 2023, the exports of this important industry branch amounted to 102.9 billion Euro, a decrease of 2.9 percent.
The reasons for this are setbacks in business with all major industrial countries, including the USA, France, and China, according to ZVEI. Deliveries to the People's Republic, the largest customer of the German electro-industry, fell by 5.3 percent in May to 2.1 billion Euro, following increases in the previous months.
Imports of electrical goods to Germany decreased by 10.5 percent in May to 19.3 billion Euro, even more than exports. In the first five months, imports amounted to 104.1 billion Euro, 8 percent less than in the previous year.
With a turnover of around 238 billion Euro and over 900,000 employees in 2023, the electro- and digital industry is one of the largest industry branches in Germany.
- Despite being one of the largest industries in Germany, with a turnover of approximately 238 billion Euro and over 900,000 employees in 2023, the German electro- and digital industry, based primarily in Frankfurt am Main, is currently facing challenges due to weak foreign demand.
- The Industry Association ZVEI, located in Frankfurt, reported that exports in the electro-industry decreased by 7.6 percent in May, amounting to 18.7 billion Euro, partly due to setbacks in business with major industrial countries such as the USA, France, and China.
- The electro-industry in Frankfurt, a significant contributor to Germany's economy, is experiencing delays in new deliveries, which further postpones the recovery of electro-exports, as mentioned by ZVEI's chief economist Andreas Gontermann.
