Doing Business in Germany: What are the Latest Market Trends?

Germany can boast an incredibly strong financial position as it is *currently the largest economy in Europe and has the fifth largest GDP in the world. It also has one of the biggest trade industries and is currently considered to be the third largest exporter of goods in the world.

Along with this impressive trade, Germany’s fiscal strength comes from a number of aspects. Their location in the heart of the EU allows direct trade routes, and being a developed nation, Germany is also home to several international airports and ports, which is a big contributing factor. Also, many of the world’s major – and most successful – corporations and firms such as Siemens, Allianz and BMW have their HQ in Germany; as well as a large number of SMEs and other smaller entrepreneurial ventures.

 

On top of this, Germany is involved in a number of different successful markets and industries that continue to contribute to its growing finances. So if you’re considering importing or exporting with Germany, you can find out what some of these major industries are below.

Major Industries in Germany

Transport

From vehicles, to aerospace and more; imports and exports of vehicles and transport parts and components is one of the key industries in Germany. There’s a particularly illustrious history of automotive engineering with several big manufacturers (such as the aforementioned BMW) producing many vehicles which are used all over the world. Many consider this industry to be one of the biggest contributors to its strong economy.

Healthcare

According to WTEx, in 2014 medical equipment, chemicals and pharmaceutical goods made up three of the top 10 German exports; at the same time accounting for billions of dollars’ worth of its economy. This wide range of products covers everything from supplies for pharmacies, to complex and lifesaving machinery and devices for use in hospitals worldwide.

 

Technology and Electronics

In a similar vein to the above, the technology and electronics industry itself is another important one. Along with medical equipment, Germany makes and exports a large amount of electrical goods ranging from commercial lighting to Nano technology and household appliances. Furthermore, this production comes mostly from SMEs.

Green Energy

Germany takes the EU emissions targets very seriously and have invested a lot into the green energy sector. Solar and wind energy in particular have been very successful and there’s increasing demand for bioenergy. Again, these areas are among the top German exports and provide lots of commercial opportunities and jobs.

The Future of German Business

As Germany is such a financial powerhouse and there’s a wide range of options for import and export, the future looks to be quite bright for this country – as well as its trading partners. UK residents may also want to think about the green opportunities mentioned above; one successful example of this has seen Siemens recently set up a huge wind turbine construction facility on our shores in Hull, East Yorkshire.

*as of 21/10/2015