COUNTRY'S NEWS

Germany Market Bulletin – January 2025 Edition

Posted on by content02.vinahugo
09
Oct

1. Germany’s Foreign Trade Performance – November and First 11 Months of 2024

1.1. Export and Import Overview

  • Exports (seasonally and calendar-adjusted):
    €127.3 billion in November 2024

    • +2.1% month-on-month

    • –3.5% year-on-year

    • Total 11-month exports (Jan–Nov 2024): €1,427.8 billion (–1.4% YoY)

  • Imports (seasonally and calendar-adjusted):
    €107.6 billion in November 2024

    • –3.3% month-on-month

    • –2.9% year-on-year

    • Total 11-month imports: €1,207.8 billion (–3.5% YoY)

  • Trade Balance:
    +€19.7 billion in November 2024

1.2. Trade with Major Regions

  • EU Countries:

    • Exports: €67.8 billion (–1.7% vs. Oct 2024)

    • Imports: €55.0 billion (–4.4%)

  • Non-EU Countries:

    • Exports: €59.5 billion (+6.9%)

    • Imports: €52.6 billion (–2.1%)

1.3. Trade with Key Partners

  • United States: exports +14.5% to €14.0 billion

  • China: exports –4.2% to €6.6 billion

  • United Kingdom: exports +8.6% to €7.2 billion

  • Imports:

    • From China: €13.4 billion (–3.1%)

    • From the U.S.: €7.2 billion (–3.7%)

    • From the U.K.: €2.8 billion (–4.7%)

2. Import and Export Price Indices – November 2024

2.1. Import Prices

  • +0.6% year-on-year

  • +0.9% month-on-month

Energy prices were the largest downward driver (–8.2% YoY).

  • Crude oil: –11.6% YoY, +0.7% MoM

  • Diesel & heating oil: –17.4% YoY

  • Gasoline: –14.6% YoY

  • Electricity: +27.2% YoY, +33.3% MoM

Consumer goods: +3.4% YoY

  • Durable goods: +1.2%

  • Non-durable goods: +4.0%

Agricultural imports: +8.5% YoY (+2.5% MoM)

  • Cocoa: +114.8% YoY (+18.5% MoM)

  • Green coffee: +38.4% YoY (+14.9% MoM)

  • Cucumbers (–36.4%), onions (–31.2%), live pigs (–13.2%) all declined sharply.

2.2. Export Prices

  • +1.2% year-on-year

  • +0.3% month-on-month

3. Consumer Price Index (CPI) – December 2024

  • +2.6% YoY

  • +0.4% MoM

Inflation in Germany rebounded slightly in December 2024 from +2.2% in November.
Average annual inflation for 2024 is expected to reach +2.2%, while core inflation (excluding food & energy) stood at +3.1%.

4. Industrial Producer Prices – November 2024

  • +0.1% YoY

  • +0.5% MoM

Energy prices were 2.4% lower YoY but up 1.8% MoM.

  • Mineral oil products: –8.6% YoY (+1.0% MoM)

  • Heating oil: –13.2% YoY (+1.2% MoM)

  • Motor fuel: –8.4% YoY (+0.4% MoM)

Food: +2.8% YoY

  • Butter: +42.9%

  • Confectionery: +23.9%

  • Beef: +16.5%

  • Cereal flour: –7.7%, pork: –6.4%

Durable consumer goods: +0.9% YoY

5. Industrial Production – November 2024

  • +1.5% MoM (seasonally adjusted)

  • –2.8% YoY

Positive growth came from:

  • Energy production +5.6%

  • Construction +2.1%

  • Transport equipment manufacturing (aviation, shipping, rail): +11.4%

Industrial output excluding energy and construction rose +1.0%, including:

  • Capital goods: +1.4%

  • Consumer goods: +0.9%

  • Intermediate goods: +0.5%

Source: Statistisches Bundesamt (Destatis), Germany’s Federal Statistical Office

6. Bilateral Trade Between Vietnam and Germany

According to Destatis, in September 2024, Germany–Vietnam trade reached USD 1.8 billion (+11.3% MoM):

  • Germany’s exports to Vietnam: USD 269.28 million (–2.1%)

  • Imports from Vietnam: USD 1.56 billion (+22.5%)

Jan–Sep 2024 cumulative trade: USD 14.87 billion (+7% YoY)

  • Exports to Vietnam: USD 2.57 billion (–9%)

  • Imports from Vietnam: USD 12.3 billion (+11%)

6.1. Vietnam–Germany Trade (Jan–Nov 2024)

According to Vietnam Customs:

  • Total trade: USD 10.6 billion (+4.19%)

    • Vietnam’s exports: USD 7.2 billion (+5.5%)

    • Imports: USD 3.4 billion (+1.52%)

    • Trade surplus: USD 3.78 billion (+9.38%)

6.2. Vietnam’s Export Highlights

Strongly increased items:

  • Agricultural & seafood products: USD 1.05 billion (+37.53%)

    • Coffee: USD 535.95 million (+39.39%)

    • Seafood: USD 183.16 million (+7.72%)

    • Cashew nuts: USD 137.14 million (+27.15%)

    • Pepper: USD 85.38 million (+138.4%)

    • Fruits & vegetables: USD 52.15 million (+63.76%)

    • Rubber: USD 56.14 million (+70.56%)

  • Manufactured goods: USD 5.49 billion

    • Electronics & components: USD 947.37 million (+45.15%)

    • Machinery & equipment: USD 1.18 billion (+7.52%)

    • Plastic products: USD 162.64 million (+30.42%)

    • Wood & wooden products: USD 79.88 million (+31.33%)

Declining exports:

  • Footwear: USD 680.54 million (–22.54%)

  • Textiles: USD 714.01 million (–7.53%)

  • Bags, wallets, hats: USD 177.13 million (–0.96%)

  • Toys & sports equipment: USD 114.28 million (–31.64%)

6.3. Vietnam’s Imports from Germany

Increased imports:

  • Animal feed & materials: USD 27.14 million (+121.23%)

  • Pharmaceuticals: USD 360.5 million (+21.38%)

  • Chemical products: USD 259.59 million (+20.63%)

  • Dairy products: USD 46.38 million (+14.52%)

  • Wood & wood products: USD 45.58 million (+9.13%)

Decreased imports:

  • CBU automobiles: USD 16.54 million (–81.04%)

  • Auto parts: USD 42.88 million (–61.37%)

  • Electronics & components: USD 141.41 million (–12.42%)

7. German Investment in Vietnam

According to Vietnam’s Foreign Investment Agency, as of October 2024:

  • New projects: 18

  • Registered capital: USD 38.52 million (+27.7% YoY)

  • Rank: 18th among 106 FDI countries in Vietnam

Cumulatively to October 31, 2024:

  • Active projects: 476

  • Total registered capital: USD 2.78 billion

  • Rank: 17th among 148 FDI countries investing in Vietnam