German companies show strong competitiveness
Anton F. Börner, President of the German Wholesale, Foreign Trade and Services Association (BGA), says that the situation of German foreign trade is at pre-crisis levels. He also emphasizes the strong competitiveness and flexibility in dealing with special circumstances that German companies have demonstrated by finding their footing again despite the special circumstances.
According to the Federal Statistical Office, goods worth 126.5 billion euros were exported in March. Compared to the previous year, exports increased by 16.1 percent. German imports also rose by 15.5 percent year-on-year to 105.9 billion euros. With these figures, the foreign trade balance closed with a surplus of 20.5 billion euros.
Börner goes on to explain: “Despite the enormous catch-up in German foreign trade, however, we also see serious risks that could impair this development. For example, the pandemic has led to major distortions in international sea freight, which are reflected in a shortage of containers and high freight prices. This means not only an immense increase in costs for companies, but also great uncertainty for their logistics operations. Added to this are production-related bottlenecks and the associated increase in the price of certain primary products, for example wood and metal. All this shows how urgently the economy needs stability and reliability in these times. If the pace of vaccination continues to pick up like this, it could at least provide some relief and allow companies to resume travel, which is so important in international customer contact.”