The industry was able to book more orders in November than in the month before and exports also continued to grow. Imports rose even more sharply.
Dhe German exports grew for the seventh month in a row in November, despite the second Corona wave among many trading partners. They rose by an unexpectedly strong 2.2 percent compared to the previous month, as the Federal Statistical Office announced on Friday. Economists polled by Reuters had expected an increase of 0.8 percent, after an increase of 0.9 percent in October. Despite the race to catch up, exports remained 4.7 percent below the level of February 2020 – the month before the start of the corona-related restrictions.
The chances are not bad that foreign business will continue to pick up. The export-dependent industry collected more orders from home and abroad for seven months in a row, with demand from the euro zone increasing particularly significantly recently. The recovery of the global economy from the recession year 2020, predicted by many experts, should also play into the cards of exporters. Imports grew by 4.7 percent in November and are only 0.6 percent below the pre-crisis level of February.
Meanwhile, the companies increased their production, also in view of the full order books in the industry than before the crisis broke out in February 2020. The entire production – industry, construction and energy suppliers together – increased by 0.9 percent compared to the previous month, as the Federal Ministry of Economics announced. Here economists had expected an increase of 0.7 percent, after plus 3.4 percent in October. “The outlook for the industrial economy remains cautious in view of the pandemic and the tightened lockdown, but the order situation and the mood in companies have recently improved,” said the ministry. “This suggests that, unlike in the spring of last year, the industry is less affected by the measures.”