Mexican exports to Germany hit record high in 2023

Mexican exports to Germany hit a record in 2023, growing 6% over 2022, to US$8.746 billion.Germany is the fourth largest economy in the world, surpassed by the United States, China and Japan.It is also the fourth largest destination for Mexico’s foreign product sales, below the United States (472,218 million dollars), Canada (17,720 million) and China (9,151 million), according to data from the World Trade Organization (WTO).The German economy recorded an annual GDP of 4.12 trillion euros in 2023, according to KfW (Kreditanstalt für Wiederaufbau), a German government-owned development bank.After the Covid -19 pandemic-induced recession, Germany’s price-adjusted GDP rose 3.2% in 2021 and 1.8% in 2022. Thus, the German economy managed to recover from the sharp decline experienced during the first year of the pandemic and price-adjusted GDP in 2022 was 1.0% higher than in 2019, the year before the onset of Covid-19. 

Mexican exports to Germany

Mexico’s external sales to the German market in 2023 included the following highlights:

  • Automobiles: 6,085 million dollars.
  • Certain auto parts: 921 million dollars.
  • Computers: 220 million dollars.
  • Telephones: 105 million dollars.

German economy

In 2023, Germany’s price-adjusted GDP declined 0.3% against the backdrop of the Russian invasion of UkraineCompared to the 1991 level, which represents the first full year after German reunification on October 3, 1990, price-adjusted GDP increased 47.1%, according to KfW. Productivity gains contributed to the growth in price-adjusted GDP since 1991, as price-adjusted GDP per employee has increased 24.5% since 1991. To calculate price-adjusted GDP, the Federal Statistical Office (Statistisches Bundesamt) uses a chained index based on the previous year’s prices. In 2023, GDP per capita at current prices was €48,750, while GDP per employed person at current prices was €89,721.