1. Germany’s Foreign Trade Performance – December and Full Year 2024
Table of Contents
1.1. Export and Import Overview
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Exports (seasonally and calendar-adjusted):
€131.7 billion in December 2024-
+2.9% compared to November 2024
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+3.4% compared to December 2023
Total exports for 2024 reached €1,559.7 billion, down 1% from 2023.
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Imports (seasonally and calendar-adjusted):
€111.1 billion in December 2024-
+2.1% month-on-month
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+4.5% year-on-year
Total imports for 2024 amounted to €1,318.5 billion, down 2.8% from 2023.
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Trade surplus:
+€20.7 billion in December 2024
+€241.2 billion for the full year 2024
1.2. Trade by Region
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Exports to EU countries: €72.4 billion (+5.9% vs. November 2024)
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Imports from EU countries: €57.0 billion (+3.6%)
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Exports to non-EU countries: €59.3 billion (-0.5%)
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Imports from non-EU countries: €54.1 billion (+0.5%)
1.3. Major Trade Partners
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Exports to the U.S.: €13.5 billion (-3.5%)
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Exports to China: €6.7 billion (+1.4%)
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Exports to the U.K.: €6.7 billion (-6.6%)
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Imports from China: €13.4 billion (-1%)
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Imports from the U.S.: €7.5 billion (+3%)
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Imports from the U.K.: €3.0 billion (-3%)
2. Import and Export Price Indices – December 2024
2.1. Import Prices
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+2.0% YoY
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+0.4% MoM
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-1.2% average for 2024 vs. 2023
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Consumer goods: +4.1% YoY
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Agricultural products: +8.6% YoY
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Cocoa: +135.5% YoY, +11% MoM
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Green coffee: +43.9% YoY, +2.4% MoM
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Onions (-36.5%), cucumbers (-32%), tomatoes (-28%), pork (-15.8%) all fell sharply.
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Intermediate goods: +1.4%
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Capital goods: +0.5%
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Energy imports: +0.4% YoY, +1.3% MoM
2.2. Export Prices
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+1.8% YoY
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+0.3% MoM
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+0.3% average for 2024 vs. 2023
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Consumer goods: +3.6% YoY
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Cocoa, chocolate, and sugar confectionery: +49.2%
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Cocoa powder and butter: +182.7%
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Butter and dairy products: +42.2%
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Roasted and decaffeinated coffee: +28.3%
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Agricultural exports: +2.6% YoY
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Capital goods: +1.5% YoY (machinery and vehicles +2.1%)
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Energy exports: -0.8% YoY, +1.7% MoM
3. Consumer Price Index (CPI) – January 2025
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+2.3% YoY
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-0.2% MoM
Inflation rebounded slightly in January 2025 after slowing to +2.6% in December 2024.
Key details:
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Energy prices: -1.6% YoY
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Fuel (-0.1%), electricity (-3.6%), wood pellets (-8.7%)
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Natural gas (+0.5%), district heating (+9.8%)
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Food prices: +0.8% YoY
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Oils and fats +15.1% (butter +32.6%)
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Dairy and eggs +2.7%
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Bread and cereals +1.2%
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Meat (0%), vegetables (-2.3%)
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4. Industrial Production – December 2024
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-2.4% MoM (seasonally adjusted)
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-3.1% YoY
Key movements:
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Automotive industry: -10%
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Machinery: -10.5%
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Pharmaceuticals: +11.6%
Output excluding energy and construction fell 3.3%, while consumer goods rose 0.9%.
Energy production increased 1.1%.
Energy-intensive industries fell 3.1% MoM and 2.6% for Q4 compared to Q3 2024.
Source: Statistisches Bundesamt (Destatis) – Federal Statistical Office of Germany
5. Bilateral Trade Between Vietnam and Germany
According to Destatis, Germany’s trade with Vietnam in November 2024 reached over USD 1.8 billion, up 14.1% YoY.
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Germany’s exports to Vietnam: USD 417.35 million (+50.8%)
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Imports from Vietnam: USD ~1.4 billion (+7.5%)
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Total 11-month trade volume (Jan–Nov 2024): USD 18.6 billion (+8%)
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Exports to Vietnam: USD 3.4 billion (+5%)
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Imports from Vietnam: USD 15.2 billion (+9%)
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According to Vietnam Customs, in January 2025, total bilateral trade reached USD 1.09 billion (+7.41% YoY):
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Vietnam’s exports to Germany: USD 863.97 million (+11.8%)
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Imports from Germany: USD 227.41 million (-6.52%)
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Trade surplus: USD 636.57 million (+20.2%)
5.1. Vietnam’s Export Highlights
Strongly increased items:
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Agricultural & seafood exports: USD 165.54 million (+40.37%)
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Coffee: USD 121.16 million (+52.95%)
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Seafood: USD 16.57 million (+16.8%)
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Pepper: USD 9.36 million (+110.91%)
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Fruits & vegetables: USD 6.36 million (+7.24%)
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Manufactured goods: USD 620.35 million (+5.31%)
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Electronics & components: USD 131.69 million (+84%)
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Machinery & equipment: USD 124.51 million (+26.49%)
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Textiles: USD 66.28 million (+12.89%)
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Vehicles & parts: USD 21.07 million (+27.03%)
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Declining exports:
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Phones & components: USD 128.5 million (-23.83%)
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Footwear: USD 59.62 million (-27.41%)
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Rattan, bamboo, and carpets: USD 2.79 million (-26.26%)
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Rubber products: USD 2.99 million (-11.02%)
5.2. Vietnam’s Imports from Germany
Imports decreased mainly in:
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Pharmaceuticals: USD 22.06 million (-24.69%)
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Chemicals: USD 16.9 million (-42.56%)
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Auto parts: USD 2.31 million (-67.36%)
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Chemical products: USD 13.6 million (-14.64%)
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Electronics & components: USD 11.61 million (-9.27%)
6. German Investment in Vietnam
In January 2025, Germany registered 3 new investment projects totaling USD 2.11 million, down 55.6% YoY, ranking 26th among 44 countries and territories investing in Vietnam that month.
As of January 31, 2025, Germany had 485 valid projects with total registered capital of USD 2.805 billion, ranking 17th among 149 FDI partners in Vietnam.