US remains the main export market for German companies

The US continues to be by far the largest export market for German products, according to the latest German government data released on Wednesday.

US remains the main export market for German companies

Last year, German companies exported goods worth EUR157.9 billion to the US, as reported by the German Federal Statistical Office.

This corresponds to 9.9% of all German exports and is the highest share in the last 20 years. For the ninth year in a row, the US is the largest buyer of German products, with pharmaceuticals, machinery and automobiles topping the list.

According to the agency, this trend will continue in the first half of 2024.

Imports from the US are also growing significantly, but not as fast as exports. In 2023, US goods worth EUR94.7 billion were imported.

US goods accounted for 6.9% of all German imports, the highest share since 2004

Last year, Germany had an export surplus with the US of EUR63.3 billion. In the first half of the year, the difference was EUR34.7 billion.

Germany has no higher surplus with any other country in the world.

The two economies are closely intertwined. Last year, 11.5% of the nearly 38,500 foreign-owned businesses in Germany were owned by a US parent company.

Only Swiss owners have a larger share, with 12.8%.

The 4,400 US companies employed about 775,000 people in Germany and generated sales of EUR416.5 billion.

In contrast, according to the German central bank Bundesbank, German companies control 6,100 companies in the US with 964,000 employees and an annual turnover of EUR828 billion.