Poland Surpasses China in Exporting Goods to Germany
In the midst of economic turmoil, German companies found a savior in the form of trade with Eastern and Central European nations. Last year, exports to 29 nations in this region, spanning from Poland to Tajikistan, surged by almost 1%, reaching a total of 281 billion euros, as per data from the Federal Statistical Office analyzed by the Eastern Committee of German Economy. Poland, a neighboring country, emerged as the fourth-largest buyer of "Made in Germany" goods, with sales to Poland skyrocketing to 93.8 billion euros, an increase of 3.5%.
The economic crisis took a toll on German exports globally, with overall exports declining for the second consecutive year, by 1%, to approximately 1.56 trillion euros. Despite this downturn, the uptick in trade with Eastern Europe offers a glimmer of hope. "Germany's long-standing broad presence in Central and Eastern Europe has acted as a pillar of its economy," noted Cathrina Claas-Mühlhäuser, the Eastern Committee Chairwoman. She urged the future federal government to strengthen partnerships with Central and Eastern Europe and Central Asia and to accelerate the European integration of Ukraine, Moldova, and the Western Balkan countries.
The Eastern Committee, responsible for promoting German business in the 29 countries of Central, Eastern, and Southeastern Europe, the South Caucasus, and Central Asia, plays a significant role. Trade between Germany and the East accounts for about one-fifth of its total foreign trade. Positive developments were noted in German exports to Ukraine, which increased by 17% to 8.2 billion euros.
Conversely, trade with Russia has been on a downward spiral. German exports to the country, particularly pharmaceutical and chemical products, suffered a substantial decrease of more than one-seventh to 7.6 billion euros. Russia, largely due to its invasion of Ukraine on February 24, 2022, ranks lower in Germany's list of trading partners, at 45th position.
While the economic situation remains challenging, the growth in trade with Eastern and Central Europe invites optimism. The strategic investments and trade partnerships are proving to be a reliable support system for German companies.
The fourth-largest buyer of German goods in the region, experiencing a significant increase, is Poland. Germany's chairwoman of the Eastern Committee emphasized the importance of strengthening partnerships with Central and Eastern Europe, including Poland.
