German electrical and electronics products exports grow to the emerging markets

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According to Zvei, the German Electrical and Electronic Manufacturers’ Association, after a strong increase in the previous month, in August 2019 exports of the German electric industry stayed at their preyear level, i.e. 16.7 billion euro. This is the second month of the year without a positive growth rate (year-on-year).
Nonetheless, from January through August they rose by 3.4% (yoy) to 142.4 billion euro.
With -0.3% electric imports decreased slightly in August, reaching 14.6 billion. In the full first eight months of the year they came to 126.9 billion, hence, grew by 3.5% (again in comparison to the corresponding pre-year level). 
While electric exports to the industrialized countries fell moderately by 1.0% (year-on-year) to 10.4 billion euro in August, those to the emerging markets increased by 1.5% to 6.3 billion. Considering the continents, deliveries to Europe went down by -0.8% (to €10.0bn) and to Asia by -2.2% (to €3.9bn). On the contrary, exports to America rose by 7.2% (to €2.3bn). For the euro area a small reduction of 0.5% (to €4.7bn) was reported.
From January through August of this year the sector’s exports to the emerging markets (+4.0% to €50.8bn) exhibited a higher growth rate than those to the industrialized countries (+3.1% to €91.6bn). In the same time exports to Europe amounted to €90.4bn (+2.3% yoy), €30.9bn (+2.7%) were delivered to Asia and €17.4bn (+10.4%) to America. Electric exports to the euro zone exceeded their pre-year level by 4.5%, summing up to €46.0bn.
On a country level, most exports went to China in August (€1.8bn), but the plus of 0.8% (year over year) was quite small. In contrast, exports to the USA grew more strongly by 5.3% to €1.6bn.
Deliveries to France (ranked 3rd) rose by 2.1% to €936m. Exports to Poland summed up to €889m, those to the Netherlands to €781m (+6.4% and -0.4%, respectively).
Exports to the Czech Republic came in 6th position (-6.2% to €779m. The United Kingdom (-4.6% to €712m), Austria (1.8% to €690m) and Italy (-3.0% to €580m) are following. The top ten list is closed by Switzerland which received German electric exports with a value of €567m (-3.9%) in August. It again replace Spain at the 10th position.

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