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Explore Germany's latest macroeconomic trends and forecasts to inform business strategy and pinpoint opportunities and risks

Top Three Commodity Exports of Germany (2018 – 2021, %)

Machinery, mechanical appliances, nuclear reactors & boilers were the largest export items in 2021 with a share of 16.5% of total exports
Vehicles with a share of 15.1% was the second-largest export commodity in 2021
Electrical machinery and equipment and parts with a share of 10.8% was the third-largest export commodity in 2021

Impact of the Russia-Ukraine Crisis on Germany Imports

The war between Russia and Ukraine had a major impact world politics, economy, and global markets. In February 2022, Germany announced to close airspace to Russian aircraft. In March 2022, Chancellor of Germany announced to provide $113 billion for the German army during an emergency parliamentary session on the Ukraine conflict. According to the Trade Statistics for international business development, 1.5% of Germany’s total imports from Russia and 0.2% from Ukraine in 2020. Although trade dependency on both nations is marginal, deep historical economic and cultural links with Russia may impact Germany.

Germany’s Exports Grew More than Imports in 2021

Germany’s exports expanded by 4.4% in 2021, following a contraction rate of 11.9% in 2020, due to a decrease in external demand amid travel restrictions. In 2022, export is forecast to grow by 3.0%, with gradual lifting of travel ban and increased demand for goods and services globally. The trade surplus in 2020 was $188.1 billion, which increased to $210.6 billion in 2021, as exports grew at a faster pace than imports. Furthermore, in 2022, the trade surplus is forecast to rise to $220.4 billion, according to GlobalData.

GlobalData forecasts export to grow at an annual average rate of 2.9% over 2022–2024 and import to grow by 2.7% during the same period. The trade surplus in 2020 was $188.1 billion, which increased to $210.6 billion in 2021, as exports grew at a faster pace than imports.

Top Export Commodities, 2021

Machinery, mechanical appliances, nuclear reactors, boilers (16.5%)
Vehicles (15.1%)
Electrical machinery and equipment and parts thereof (10.8%)
Others (57.5%)

Major Trade Partners

The US, China and the Netherlands were Germany’s top three trading partners in 2021 and accounted for 24.1% of total trade (exports and imports). Improvements in the economies of major trading partners are expected to increase the demand for Germany’s goods in 2022. Germany’s top five import partners accounted for 36.5% of total national imports in 2021.

Explore Germany's latest macroeconomic trends and forecasts to inform business strategy and pinpoint opportunities and risks Explore Germany's latest macroeconomic trends and forecasts to inform business strategy and pinpoint opportunities and risks Visit Report Store