Germany is the third largest exporter worldwide. This is reported by Germany Trade and Invest, GTAI. The company evaluated the latest statistics on the global market and presented export hits from the past two years. Experts surveyed by GTAI see great potential for exporters in South American countries and in the service sector in general.
Germany can (still) assert itself on the world market, but the competition never sleeps. (Source: Pixabay)
Increasing competition from Asia
“Made in Germany” stands for high quality – that is known worldwide and is one of the reasons why Germany is one of the largest export nations after China and the USA. The most successful export products include cars and car parts, chemical products and mechanical engineering. But the influence of Chinese manufacturers, who offer their goods at lower prices, is increasing. In 2020, China took the title of export world champion in mechanical engineering from Germany for the first time, according to analyzes by GTAI. In the chemical and automotive sectors, Germany is in first place in 2022, with eleven and 16.5 percent on the world market.
Meanwhile, competition comes not only from China, but also from Vietnam and South Korea. Both countries were able to significantly increase their exports.
Potential: green technologies
While asian countries expand their export and worlwide crises weaken the economy, it is important to seize new opportunities in the world market. Green technologies are among the most exciting areas. But also in the service sector and in digitization will be of great importance in the future. It is precisely in these areas that Germany must work to ensure that it does not fall behind, says Holger Görg, President of the Kiel Institute for the World Economy in an interview with GTAI.
Source: GTAI – Germany Trade & Invest (German)
