According to international reports, Germany occupied the third position in the Economic Complexity Index and is also the third greatest exporter in the world. In 2014 Germany registered the biggest trade surplus among all European countries. In just two month Germany’s exports have increased by 3.4%, while the imports fell by almost 1%.
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Germany relies on its automotive industry which is why its top exports are vehicles and cars parts. Cars and vehicle spare parts represent almost 15% of Germany’s total exports. The pharmaceutical industry is also one of the most developed sectors in the country, German pharmaceutical companies accounting for approximately 4% of the country’s exports; it is followed closely by the petroleum and gas industry.
When it comes to imports, Germany is a top importer of petroleum products and cars. While petroleum represents around 8% of Germany’s total imports, cars and cars spare parts account for 3.5%. Germany also imports at a smaller scale packaged medicines.
Germany’s main trade partners are France, the Netherlands and the United States. However, German companies export products to neighboring countries such as Luxembourg, Austria, Italy and the United Kingdom but also to China. Germany’s imports mainly come from Holland, China, France and the United States.
German companies importing or exporting products are required to follow the Customs Authorities’ regulations and submit the required documentation. Depending on the products, companies could also be requested to obtain certain licenses, according to the European Community Tariff (Tarif Intégré de la Communauté, TARIC). The German Customs Authorities have a list with all the goods requiring special licenses and the taxes related to these products. However, companies can also use a Single Administrative Document (SAD) through which all goods imported in the EU can be declared with the German Customs.
If you need more information about import and export declarations or trading regulations you can contact our German consultants in company incorporation.