Facts about German foreign trade Berlin, September 2019 Facts about German foreign trade Foreign Trade Figures in 2018 Exports Imports Net foreign demand Total Total Goods Services Total Goods Services (column 1–4) in billion EUR 1,585.8 1,295.0 290.7 1,379.7 1,068.7 311.0 206.1 Year-on-year change in % in billion EUR 3.1 3.1 3.2 5.5 6.5 2.2 -24.4 in % of GDP 47.4 38.7 8.7 41.3 32.0 9.3 6.2 Source: Federal Statistical Office of Germany; data at current prices • In 2018, Germany maintained its position as the • In 2018, Germany’s main trading region for the world’s third largest exporter (behind China, USA), exchange of goods continued to be Europe, which and third largest importer (behind USA, China). accounted for 68.5% of German exports and also for Germany’s share of world trade (exports and imports 68.5% of German imports. Germany’s share of trade of goods in USD) decreased slightly compared to the with the EU-28 increased slightly compared to 2017: previous year, falling to 7.2% (2017: 7.3%). Accounting German exports to the EU-28 amounted to 59.1% for 11.8% of global trade, China was able to further (2017: 58.6%) and imports from the EU-28 stood at extend its lead over the USA (10.9%) to reach first 57.2% (2017: 57.1%). German exports to countries place. from the eurozone amounted to 37.5% (2017: 37.0%) and imports from the eurozone stood at 37.2% • With a ‘degree of openness’ (imports plus exports in (2017: 36.9%). relation to GDP) of 87.2%, Germany continues to be the “most open” economy of the G7 countries. The • Over the course of time, the BRICS countries have foreign value-added share in German exports stood gained in importance as trading partners for Ger- at 20.3% in 2016 (2005: 18.6%). In 2015, over a fifth of many resulting from their increasing integration domestic demand was met by imports of goods and into the global economy: Between 2000 and 2018, services (import dependency rate of 22.0%). Imports the share of German exports to the BRICS countries accounted for 39.9% of German exports, representing more than doubled (2000: 4.5%, 2018: 11.4%). Likewise, a slight increase on 2014 (39.5%). imports from the BRICS countries nearly doubled over the same period (2000: 8.0%, 2018: 15.3%). • As Germany is highly integrated into the global econ- omy, employment in Germany also relies heavily on • Accounting for 8.7% of German exports, the USA will open markets and international trade: Some 28% of remain Germany’s most important export market jobs in Germany are directly or indirectly linked to outside Europe in 2018, followed by China (7.1%). exports, in manufacturing it is even 56%. The United States’ share of German exports declined compared to 2000 (10.3%), while China’s share more than quadrupled between 2000 (1.6%) and 2018. 1 • China’s share of German imports also increased sig- vehicle parts (17.5%), machinery (14.8%), chemical nificantly in the same period, rising from 3.4% (2000) products (9.0%) and computer/electrical equipment to 9.8% (2018), while the United States’ share declined (8.8%). The main imported goods were vehicles and (2000: 8.8%; 2018: 6.0%). China thus remains the most vehicle parts and computer/electrical equipment important supplier for the German economy out- (10.8% each), chemical products (8.1%) and machin- side Europe, ahead of the USA. ery (8.0%). • Germany’s net foreign demand fell to €206.1 billion • According to data provided by the Bundesbank, as in 2018; its share in GDP dropped to 6.2%. At -0.4%, in previous years, Germany’s surplus on trade in net foreign demand in 2018 made a negative contri- goods in 2018 contrasted with a deficit on trade in bution to GDP growth (+1.5%). services of €20.7 billion. According to data supplied by the World Bank, Germany again ranked third in • In 2018, Germany’s surplus on the trade of goods international trade in services (exports plus imports) declined again, falling to €228 billion. This surplus (USD 708.5 billion), with the USA continuing to be represented 68.3% of the overall trade surplus the undisputed leader (USD 1,387.6 billion). Accord- across the 28 countries of the EU; more than a ing to the OECD, services in 2016 accounted for third (38.6%) of this was generated in the eurozone. 49.4% of the value added by German gross exports Compared with other countries, Germany had the (10.1 percentage points of this were created abroad). highest surplus, followed by the USA (+€48.9 billion), Britain (+€45 billion), France (+€40.2 billion), and, • In 2018, Germany’s current account surplus at a substantial distance, by Austria (+€21.8 billion) declined again, falling to 7.5% of GDP, (2017: 8.4%; and Spain (+€11.8 billion). Germany’s highest defi- 2016: 8.1%). Germany is part of the European Mon- cits in the trade of goods were with China (€13.0 etary Union. The eurozone’s total current account billion), Russia (-€10.1 billion), the Netherlands balance with the rest of the world is the only impor- (-€6.9 billion), Viet Nam (-€5.7 billion) and Bangla- tant balance in a global comparison. In 2018, the desh (-€5.0 billion). eurozone had a current account surplus of 2.9% of GDP (2017: 3.1%). • In 2018, the four largest groups of exported goods made up over 50% of German exports: vehicles and Exports and imports in current prices Exports Imports Net foreign demand memorandum items Total Year Total Goods Services Total Goods Services (column vis-à-vis EU vis-à-vis 1–4) member third states countries 1 2 3 4 5 6 7 8 9 in billion EUR 2010 1,091.5 917.2 174.3 956.6 754.2 202.4 134.9 95.0 9.8 2011 1,213.6 1,029.7 184.0 1,081.4 864.5 216.9 132.2 86.2 6.1 2012 1,271.3 1,072.0 199.3 1,103.8 869.5 234.3 167.5 78.7 42.7 2013 1,276.9 1,068.7 208.2 1,115.0 867.7 247.3 161.9 66.3 6.8 2014 1,335.5 1,106.9 228.5 1,141.7 887.3 254.4 193.8 86.3 107.4 2015 1,419.5 1,166.6 253.0 1,190.4 918.2 272.2 229.1 115.6 113.5 2016 1,442.4 1,178.6 263.8 1,211.6 926.0 285.6 230.8 118.5 112.3 2017 1,538.0 1,256.3 281.8 1,307.6 1,003.2 304.4 230.4 119.1 111.3 2018 1,585.8 1,295.0 290.7 1,379.7 1,068.7 311.0 206.1 → 2 Exports and imports in current prices (continued) Exports Imports Net foreign demand memorandum items Total Year Total Goods Services Total Goods Services (column vis-à-vis EU vis-à-vis 1–4) member third states countries 1 2 3 4 5 6 7 8 9 Year-on-year change in % in billion EUR 2010 17.1 19.1 7.4 18.1 19.8 12.2 12.4 2.8 9.8 2011 11.2 12.3 5.5 13.0 14.6 7.2 -2.7 -8.9 6.1 2012 4.7 4.1 8.3 2.1 0.6 8.0 35.3 -7.4 42.7 2013 0.4 -0.3 4.5 1.0 -0.2 5.5 -5.6 -12.4 6.8 2014 4.6 3.6 9.8 2.4 2.3 2.9 31.9 20.0 11.8 2015 6.3 5.4 10.7 4.3 3.5 7.0 35.4 29.3 6.1 2016 1.6 1.0 4.3 1.8 0.9 4.9 1.6 2.9 -1.3 2017 6.6 6.6 6.8 7.9 8.3 6.6 -0.3 0.6 -0.9 2018 3.1 3.1 3.2 5.5 6.5 2.2 -24.4 in % of GDP 2010 42.6 35.8 6.8 37.3 29.4 7.9 5.3 3.7 1.6 2011 45.1 38.2 6.8 40.1 32.1 8.1 4.9 3.2 1.7 2012 46.3 39.0 7.3 40.2 31.7 8.5 6.1 2.9 3.2 2013 45.4 38.0 7.4 39.7 30.9 8.8 5.8 2.4 3.4 2014 45.6 37.8 7.8 39.0 30.3 8.7 6.6 2.9 3.7 2015 46.8 38.5 8.3 39.3 30.3 9.0 7.6 3.8 3.7 2016 46.0 37.6 8.4 38.7 29.5 9.1 7.4 3.8 3.6 2017 47.4 38.7 8.7 40.3 30.9 9.4 7.1 3.7 3.4 2018 47.4 38.7 8.7 41.3 32.0 9.3 6.2 Source: Federal Statistical Office of Germany; own calculations Ranking of the 10 largest trading nations (goods) in 2018 Exports Imports Ranking Country bln.