Exporting to Germany

Germany Export Guide | Trade Finance Global

Exporting to Germany

As the largest economy in Europe and the fifth largest by GDP in the world, Germany is a central pillar of the European Union (EU). 

The western European behemoth was responsible for nearly one quarter of the entire EU’s GDP in 2020.

Germany imports more than $1.2 trillion worth of goods every year with the main products being machinery, commodities, chemicals, vehicles and agricultural products. 

Domestic demand is very strong and remains robust despite the ongoing slowdown in China, to which it is heavily exposed.

This is reflected in their trade practices with more than 50% of imports coming from the EU, while other main trading partners include China, the United States, Switzerland and Russia.

germany imports by country

On the import side, German SME imports come in around 27% of total trade value, compared to the OECD average of nearly 47%. 

Germany Country Profile

Official Name (Local Language) The Federal Republic of Germany
Capital Berlin
Population 80,722,792
Currency Euro
GDP $3,495 billion
Languages German
Telephone Dial In 49

Germany Imports Profile

Imports ($m USD)

1,173,628

Number of Import Products

4,506

Number of Import Partners

221

Top 5 import partners

Country

Trade

% Partner Share

China

115179

9.81

Netherlands

95303

8.12

France

72966

6.22

United States

71072

6.06

Italy

63047

5.37

Top 5 Import Products at HS 6 digit level

Export Product

Number

Motor cars and other motor vehicles principally...

5.00%

Parts and accessories for tractors, motor vehicles...

3.60%

Petroleum oils and oils obtained from bituminous...

3.10%

Automatic data processing machines and units...

2.40%

Petroleum gas and other gaseous hydrocarbons

2.40%

Chart Showing GDP Growth Compared to rest of world

GDP Composition for Germany

Agriculture

%

Products List

0.006

Potatoes, wheat, barley, sugar beets, fruit, cabbages; milk products; cattle, pigs, poultry

Industry

%

Industry List

0.303

Iron, steel, coal, cement, chemicals, machinery, vehicles, machine tools, electronics, automobiles, food and beverages, shipbuilding, textiles

Services

%

Services List

0.691

Exporting to Germany: what is trade finance?

If an organisation is exporting goods to other countries, then a trade finance facility would help provide upfront funding.

More specifically, export finance may be required in cases where enterprises are selling to overseas markets. 

Export finance is a commercial agreement between the exporter and the foreign importer. 

A few German industry sectors still use letters of credit or bills of exchange, but these antiquated mechanisms are much less common than in the past, and only cover a small portion of total imports. 

Information

Exporting to Germany? Contact our local experts

Germany Economic Statistics

Government Website

https://www.bundes regierung.de/

Sovereign Ratings

https://countryeconomy. com/ratings/germany

Central Bank

Deutsche Bundesbank

Currency USD Exchange Rate

0.9214

Unemployment Rate

0.043

Population below poverty line

0.167

Inflation Rate

0.005

Prime Lending Rate

0.0025

GDP

$3,495 billion

GDP Pro Capita (PPP)

48200

Currency Name

Euro

Currency Code

EUR

World Bank Classification

High Income

Competitive Industrial Performance

5/138

Corruption Perceptions Index

12/180

Ease of Doing Business

24/190

Enabling Trade Index

9/136

Currency in Germany

About the Author

Elcyn Domingo is responsible for the TFG Weekly Trade Briefings at Trade Finance Global.

She holds a Bachelor of Science degree in Information and Technology and is passionate about how SMEs can use new technologies to overcome challenges for business growth, with regard to both digital and sustainable models for trade.

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