Germany's export slump since 2021 is largely driven by deep-rooted competitiveness issues, the Bundesbank warned in its latest report, calling for urgent structural reforms.
German exporters have suffered a significant loss of global market share between 2021 and 2023, with over three-quarters of the decline linked to deteriorating supply-side conditions, according to the Bundesbank’s monthly report released on Monday.
The report highlights widespread weakness across key sectors such as mechanical engineering, electrical equipment, and energy-intensive industries including chemicals. Rising energy costs and persistent supply chain disruptions also severely affected German export performance, the central bank noted.
The Bundesbank urged immediate policy reforms to improve the country's business environment. Recommendations include stronger work incentives, easing skilled migration, cutting bureaucratic barriers, and introducing targeted tax relief to spur private investment.
While Berlin has recently announced new measures to encourage innovation and investment, economists caution that deeper, more systemic reforms are needed to restore Germany’s competitive standing in the global economy.
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