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07.05.2024

DIHK predicts stagnation of German exports in 2024

The German Chamber of Commerce and Industry (DIHK) said that in 2024, the volume of German exports is likely to remain at the same level after a decrease of 1.8% in 2023.

"Political uncertainty and geopolitical risks offset the positive signs of a slight upturn in the global economy. Overall, the weakness of German foreign trade at the end of 2023, and only a slight improvement in business expectations and investment intentions indicate a difficult year," DIHK said, adding that the trade-oriented German economy is very sensitive to international events that weaken external demand.

Meanwhile, the DIHK survey showed that out of 4,300 companies surveyed, 31% expected an economic upturn in their foreign branches this year (compared with 22% in November, when the last survey was conducted) amid slowing inflation and hopes for monetary policy easing. 20% of respondents still forecast an economic slowdown, which is 8% less than in November. While companies were more upbeat about their foreign-based operations, their expectations for China determined once again: 80% of respondents viewed continued weak demand in the Chinese economy as a business risk. In the US, companies were much more concerned about uncertain economic policy conditions and, above all, trade barriers that may arise in November.

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