Good news for Germany’s exports and DAX as strikes plague country

on Jan 9, 2024
Updated: Jun 6, 2024
  • Germany received some welcome good news, with far better than expected export figures for November 2023.
  • Exports were up a substantial 3.7 percent, with the DAX also staying strong.
  • This at a time when the country is coming to a standstill in the wake of two widespread strikes.

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Europe’s leading economy, Germany, has had some much-needed good news, with better-than-expected export figures.

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The November 2023 figures which were released yesterday showed substantial rallying, rising by 3.7 percent to over €131 billion.

These are the highest export figures for the country in almost six months. It’s also the steepest rebound in almost a year, since April 2023.

October’s MoM export figures, in contrast, showed exports down by – 0.2 percent when they were released in December.

Strikes set to disrupt Germany

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This is some much-needed good news in a week where Germany may see some volatility. The country is set to experience both a train strike and a farmers’ strike at the same time for the bulk of the week, both of which could have ramifications on German earnings later on.

In the more metropolitan areas, train workers are demanding a reduction of their shift hours. Early on January 9th, farmers throughout Germany blocked off roads in protest to the the alleged stopping of tax subsidies and incentives for farmers, which are rumoured to be being phased out soon.

The farmers’ strike action brought traffic to a standstill in several major throughfares throughout the country, including cross-border travel. Meanwhile, a separate planned protest will see Germany’s train workers strike, ceasing all work for up to three days.

DAX performance

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Germany’s DAX gained almost one percent on January 8th as a result, finishing the trading day up significantly from Friday at 16,717.

The DAX has performed reasonably well lately on the whole as well, albeit not in the same highs as December 2023. The DAX traded at around 16,590.16 for most of the week, remaining stable in the face of the export figures and other key European data released this week.

However, as protest action intensifies in the country as the week wears on, investors are no doubt wondering if the DAX and Euro will remain quite so steady once Friday comes.

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