Bavaria: Energy costs and China weigh on the foreign trade balance

Munich (dpa/lby) - Exports from the Bavarian economy grew by just 0.

Bavaria: Energy costs and China weigh on the foreign trade balance

Munich (dpa/lby) - Exports from the Bavarian economy grew by just 0.4 percent to 16.1 billion euros in April compared to the same month last year. Imports, on the other hand, have risen sharply, as the State Office for Statistics announced on Monday: They increased by 16.5 percent to 20.0 billion euros compared to the previous year. One reason for this was the energy prices: although Bavaria imported three percent less oil and natural gas, the bill rose by 134 percent to almost 2.0 billion euros.

The slight increase in exports is no reason for the Association of Bavarian Business to take a deep breath. Exports are still 1.2 percent below the pre-corona level of April 2019. The Bavarian automotive industry exported almost 30 percent less in April than a year ago, "because a lack of materials and supply bottlenecks are slowing down production and at the same time demand is increasing especially from China," said General Manager Bertram Brossardt. "The far-reaching lockdowns are putting a massive strain on the economy there and with it the demand for products from Bavaria." Exports to China as a whole fell by almost 14 percent.

"On the other hand, it is pleasing that exports to the USA increased by 1.2 percent in April and exports to the EU by 4.0 percent." The USA is the most important export country for the Bavarian economy, ahead of Austria. China fell back to third place, followed by Italy, France and Great Britain. It is also positive that "the exports of machines have increased slightly by 2.6 percent".

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