German exports are expected to shrink by 2% next year due to the global economic slowdown, predicts the German Chamber of Commerce and Industry (DIHK). Exports are a very important growth driver for Europe’s largest economy and the Netherlands’ most important trading partner.
According to DIHK, this would require a 70 billion euro bite out of the export companies’ profits. “The drop in exports is here,” the interest group says. For example, Germany is a major exporter of automobiles, consumer equipment, and business equipment. Due to the faltering economy, the demand for these types of goods is declining.
In a survey of 3100 German companies with business abroad, 47% expect an economic slowdown in their export markets in the next twelve months.
DIHK expects the world economy to grow by no more than 2.5% in the coming year. This makes the organization slightly more pessimistic than the International Monetary Fund (IMF), which expects 2.7% growth in 2023.
Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
