The export dynamics in the German digital and electronics industry weakened in October. At 18.9 billion euros, exports were 4.4 percent above the level of the same month last year, as the industry association ZVEI announced in Frankfurt on Tuesday. Exports grew more restrained than in the previous months, explained ZVEI economic expert Jürgen Polzin. “The growth dynamic has noticeably slowed down.”
Production decline from 2020 made up for
In the period from January to October of the current year, exports rose by 10.7 percent to 184.8 billion euros. Imports of electrotechnical and electronic products increased in October compared to the same month last year by 9.3 percent to 19.0 billion euros and thus exceeded exports. In the first ten months of 2021, imports rose by 15.1 percent to 179.1 billion euros.
Despite delivery bottlenecks for preliminary products, the association recently confirmed its forecast that production should increase by eight percent this year. This could more than make up for the pandemic-related decrease in production of six percent in 2020. According to ZVEI estimates, without the logistics problems, production could have been ten percent higher.
(kbe)