More than half of Germany's exports in 2015 came from just four product groups: motor vehicles and motor vehicle parts, machines, chemical products and data processing equipment, electronic and optical products (50.6 percent together). In a different order, these four product groups were also the most important for imports (together 37.1 percent). A breakdown of the traded goods according to their use shows that German foreign trade is predominantly determined by so-called capital goods and intermediate goods.
Facts
In 2015, Germany exported goods worth 1,194 billion euros. A third of the exports came from just two groups of goods: motor vehicles and motor vehicle parts (19.0 percent) and machines (14.3 percent). If chemical products (9.1 percent) as well as data processing equipment, electronic and optical products (8.2 percent) are added, more than half of the exports (50.6 percent) belonged to just four product groups. The ten most important export product groups accounted for around four fifths of all exports in 2015 (79.3 percent).
important basis for the dominance of the export of motor vehicles and motor vehicle parts is their overall economic importance: According to the Federal Statistical Office, there were 1,312 companies with 20 or more employees in Germany in 2014 that produced motor vehicles and motor vehicle parts. Around 797,000 people worked here. Based on exports in 2014, the USA (13.6 percent), the United Kingdom (11.9 percent) and China (10.7 percent) were the most important buyer countries for motor vehicles and motor vehicle parts.
Imports to Germany are somewhat less concentrated on individual goods. In 2015, almost half of the imports (49 .1 percent). The ten most important import product groups accounted for a good two thirds of all imports in 2015 (68.2 percent). In recent years, the share of oil and gas in total imports has been significantly influenced by price changes. In 2013, the corresponding share was still 9.9 percent and thus ahead of all other product groups (2015: 6.4 percent).
A breakdown of the goods traded according to their use shows that German foreign trade is predominantly determined by capital goods and intermediate goods. This applies to both export and import. According to the Federal Statistical Office, capital goods accounted for 45.8 percent of Germany's total goods exports in 2015. In the case of intermediate goods, the share was 29.5 percent. When it comes to imports, the share of capital goods also ranked first in the same year. However, at 31.1 percent, the value was significantly lower than for export. The share of intermediate goods in total imports was 29.7 percent in 2015. Compared to exports, the shares of energy (9.2 versus 2.1 percent) and agricultural goods (3.3 versus 0.9 percent) in imports were relatively high.
the same time, trade with other European countries and third countries increased by double digits. In a weak December, exports climbed by 3.3 percent after seasonal and calendar adjustments, and imports increased by three percent. Banking economists saw the strong increase in imports primarily as evidence of an increase in domestic demand.
While export growth was in line with expectations, the experts were somewhat surprised by the renewed strong increase in imports. The analysts surveyed by the Reuters news agency had expected stagnation compared to the previous month, after imports had already increased by 5.7 percent in December, but exports by only 0.9 percent. Goldman Sachs' Dirk Schumacher said the import growth was due to higher energy and commodity prices as well as imports of intermediate goods for final manufacturing in Germany: "But the import increase is also a sign of a pick-up in domestic demand."
Upward trend intact - December as an outlier
Since imports are subtracted from exports to calculate gross domestic product, foreign trade's contribution to growth in the first quarter may not be as strong as some expected, Schumacher said. Unlike in the previous quarter, however, net exports would probably support growth somewhat. The trade balance rose to 12.5 billion from 9.2 billion in December. The current account closed with a surplus of 5.1 after 6.0 billion euros.