ZVEI
Electrical industry expands exports despite Ukraine war
Important foreign markets offset the decline in business with Russia and Ukraine.
The German electrical and digital industry increased its exports in March despite the war in Ukraine. Business with Russia and Ukraine declined significantly in the first full month of the war, as the industry association ZVEI reported in Frankfurt on Monday. In the most important foreign markets such as the USA, China and the EU, however, exports increased so strongly that the bottom line was an increase of 5.1 percent to 20.7 billion euros. For the first quarter, there was also an increase of 5.1 percent to 57.3 billion euros.
Imports grew even more strongly, exceeding the previous year's figure by 10.5 percent to 20.4 billion euros in March. The total value for the first quarter amounted to 59.7 billion euros, an increase of 12.7 percent. For the first time in more than 20 years, the German electrical and electronics industry reported a quarterly foreign trade deficit.
As expected, foreign trade in electrical goods with Russia and Ukraine collapsed in March, said ZVEI Chief Economist Andreas Gontermann. "Exports to Russia fell four-fifths short of the previous year's figure at 67 million euros, and deliveries to Ukraine fell by more than half at 23 million euros." In March, German imports of electrical products from Russia fell by 20.8% to 18 million euros and in Ukraine by 31.8% to 41 million euros.
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