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Germany leads car exports in the world

Germany remained the world’s leading auto exporter in 2020, with shipments of $ 122.2 billion.

Globally, the automotive industry is a major industrial and economic force in several economies.

This industry originated in Germany and France, it developed notably in North America, Japan and the Republic of Korea.

More recently, China has become an industry leader, particularly when it comes to the production of electric vehicles.

Since their peak in 2014 at $ 160.315 million, Germany’s auto exports have seen ups and downs in recent years.

With a year-on-year decline of 14.8% in 2020, Germany’s auto exports posted their third consecutive decline.

Germany’s car exports and GDP

After 10 years of expansion, Germany’s economy contracted 5% in the past year, due to the Covid-19 pandemic and the measures taken to contain it.

Manufacturing activity decreased 10.4%, mainly due to supply chain disruptions.

Sanitary restrictions and health problems led to a sharp decline in non-food stationery retailing, hospitality and other intensive contact services, and foreign travel.

Overall, gross fixed capital formation also fell by 3.5%, as the decline in private investment outpaced the sustained strong growth in public investment, according to information from the European Commission.

For the first time since 2009, exports and imports of goods and services decreased in 2020, by 9.9 and 8.6%, respectively.

Expanded regulations on short-time work helped prevent layoffs on a larger scale, with employment declining just 1.1% in 2020.

Salary growth stagnated (-0.4%) after achieving a rise of 2.9% in the previous year.

However, the net saving rate of households increased from 10.9% to an unprecedented 16.3%, as consumption fell sharply (6%) despite a slight increase in disposable income due to measures to support economic growth. employment and income implemented.

Destination markets

In 2020, Germany’s auto exports went mainly to China ($ 16.75 billion), the United States ($ 15.526 million), the United Kingdom ($ 13.026 million), France ($ 8.132 million) and Italy ($ 6.772 million).

 

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